Young people are increasingly engaging in 'doom spending' – making impulsive purchases to cope with anxiety about the economy and their future. Experts cite chronic online exposure to negative news as a contributing factor, leading to feelings of helplessness and fatalism. This trend is fueled by economic uncertainty and inflation, causing young adults to prioritize immediate gratification over long-term financial goals.
to self-soothe because they feel pessimistic about the economy and their future, according to Psychology Today.
In fact, 96% of Americans are concerned about the current state of the economy and more than a quarter are doom spending to deal with the stress, a Intuit Credit Karma survey of over 1,000 Americans found in November 2023.Stefania Troncoso Fernández, a 28-year-old publicist based in Colombia who lives with her parents, told CNBC Make It that she's a recovered doom spender, but that high levels of inflation and political uncertainty make it very difficult to rationalize saving money.
And Fernández said she's not alone in doom spending. "It's not just me. It's something that is happening within my circle."Only 36.5% of adults globally feel like they're doing better than their parents financially while 42.8% think they're actually worse off than their parents, according to, conducted by Survey Monkey which questioned 4,342 adults globally.
The habit originated from a sense of dissatisfaction with his work as well as peer pressure, he said. "It's just all the sense of trying to escape." She said a relationship with money is like a relationship with people: it starts during childhood and sees people form different types of attachments.
Doom Spending Economy Young Adults Financial Anxiety Inflation
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