‘Doom spending’ instead of home buyinghow young people are spending their money [Video]

As inflation and economic uncertainty intensify, compounded by growing concerns over climate change, a new financial behavior known as “doom spending” has been taking root among younger generations over the past few years. 

This trend, predominantly observed in Gen Z and millennials, reflects how these individuals manage their finances amid fluctuating economic conditions and an increasingly unpredictable environmental future.

In a December 2023 interview with the New York Post, NYC-based financial content creator Maria Melchor, 27, noted that while younger people may seem to afford more luxury items compared to older generations who saved for houses while subsisting on inexpensive food like Top Ramen, in reality, they invest in these luxuries because they can’t afford more significant commitments like home ownership.

“When older people ask me how younger people are affording nice things, I tell them it’s because we can’t afford anything else,” Melchor said. 

“Home ownership or starting a family is so out of reach,” Melchor continued. “We’re …