News: Understanding Doom Spending Among Gen Z and Millennials

Doom Spending Explained

Doom spending is a growing trend where younger generations, particularly Gen Z and millennials, make impulsive purchases to cope with financial anxiety.

The Factors Driving Doom Spending

• Economic Uncertainty: Rising costs and job insecurity contribute to heightened stress.
• Peer Influence: Many young people feel pressured to spend to fit in.
• Mental Health Impact: Shopping serves as a temporary escape from stress.

Strategies to Combat Doom Spending

1. Budgeting: Establish a realistic budget to manage finances.
2. Mindful Spending: Consider the necessity of each purchase.
3. Seek Support: Discuss financial concerns with friends or professionals.