Just because.

Does this look formal? (via The Italian Cut)

Does this look formal?

To me, it does not. Formal instantly has a ring of "strict" to me. Planned, and perhaps special. Of adhering to rules and honouring occasions. To me, this look has no such appearance.
This looks like the gentleman in the photo is wearing what he is, simply because that's what he throws on in the morning. No-one is forcing him to wear anything, and he could get away with all his days activities in jeans, hoodie and a T. But he wears an odd-jacket and a shirt. A jumper and a pocket-square. The jacket gives him pockets, the jumper keeps him warm. The rest, is simply habit. 

This is what he wears, just because.