Gen Z and millennials are increasingly ‘doom spending.' Here's what it is and how to stop it
www.cnbc.com
'Doom spending' is taking off among young people, as life goals such as owning a home or starting a family feel increasingly out of reach.
  • davel [he/him]@lemmygrad.mlEnglish
    16·
    2 months ago

    Doom spending. What insulting bullshit won’t business journalism hork up? Folks ain’t go no dough, and their credit cards are tapped out.

  • principalkohoutek [none/use name]@hexbear.netEnglish
    13·
    2 months ago

    Mostly another nonsense “no wage, only spend” article only-throw

    But, it is good to have mindful consumer habits. One tip I try to follow when I want to make a superfluous big purchase is, once I decide I want something, I wait 1 day for every $100 it costs. If I still want the item after X days, I might buy it, but often, the novelty is worn off, and I don’t want it anymore. Or, it’s something egregiously expensive and it’ll take 30+ days of thinking about it, and that’s just too much money for a toy

  • porcupine@lemmygrad.ml
    13·
    2 months ago

    Gen Z and millennials are correctly realizing that no amount of saving on a working person’s pay will ever outpace the infinite growth of housing prices. Might as well get your pleasure where you can if we’re all just waiting to be priced out of the rental market and one ambulance ride away from living on the street.

  • amemorablename@lemmygrad.ml
    12·
    2 months ago

    You can never win with the propaganda of the capitalists. They will twist anything and everything. If you are frugal and save, then “the economy is struggling because people aren’t spending enough on businesses.” If you spend on so-called ‘luxuries’ (like spending on anything other than bare minimum sustenance, how luxurious!), then “your poor spending habits are what’s causing you to be poor and not the fact that federally mandated minimum wages have been stagnant while living costs rise and the one tepid reformist candidate who cared about it got treated as an extremist.”

    She said a relationship with money is like a relationship with people: it starts during childhood and sees people form different types of attachments.

    “If you feel like you have a secure attachment with money, you can make a sound evaluation of something. You gather knowledge and you can evaluate [it] … But if you are insecure, or if you’re avoidant, then you’re more likely to get lured into this unhealthy spending behavior.”

    Okay, I almost missed this part. I want to unread it so bad. How do I make my brain forget that someone compared spending habits to attachment styles to avoid ever making capitalism responsible for anything. 😑 Deep breaths. Okay.