Young people are increasingly engaging in a phenomenon known as doom spending, where they mindlessly shop to self-soothe due to feelings of pessimism about the economy and their future. This trend is particularly prevalent among those who are constantly online and bombarded with negative news, leading them to feel a sense of impending doom.
The practice of doom spending is not only unhealthy but also fatalistic, as individuals are translating their negative emotions into poor spending habits. A survey conducted in November 2023 found that 96% of Americans are concerned about the current state of the economy, with more than a quarter resorting to doom spending as a way to cope with stress.
This trend is not limited to America, as individuals in other parts of the world, such as Colombia, are also experiencing similar challenges. High levels of inflation and political uncertainty make it difficult for individuals like Stefania Troncoso Fernández, a 28-year-old publicist, to rationalize saving money. Despite earning less in the past, Fernández engaged in careless spending on clothes and travel due to the belief that she could not afford to buy a house.
The fear of not being able to achieve the same financial stability as previous generations is a driving force behind doom spending. Many young people feel that they will be the first generation to be poorer than their parents, creating a sense of helplessness and a desire to seek control in an unpredictable world through spending.
Daivik Goel, a startup founder in Silicon Valley, experienced doom spending as a way to escape dissatisfaction with his work and peer pressure. The high cost of living in cities like San Francisco contributes to the prevalence of doom spending, as individuals prioritize immediate gratification over long-term financial goals.
Overcoming doom spending requires individuals to understand their relationship with money and address any underlying issues that may be driving their spending habits. Developing financial literacy and making transactions more deliberate and challenging can help individuals break free from the cycle of doom spending.
Ultimately, by increasing awareness of their spending habits and taking steps to make more conscious financial decisions, individuals can regain control over their finances and work towards a more secure financial future. Entonces traduce a español B1 y recupera solo el texto en español. Mantén las etiquetas HTML. No devuelvas la versión en inglés. No me lo devuelvas a mí. No hagas eco del texto enviado. Solo proporciona el texto en español.