Gen Z Is ‘Doom Spending’ to Cope With Financial Despair

Historically, when people lose confidence about their finances, they’ll pull back on spending. But, increasingly, younger generations are doing the opposite, figuring their financial futures are doomed no matter what. Higher student debt loads, an increased cost of living and shifts in the labor market have made it more difficult to achieve financial success.

As such, about 28% of Americans admit to “doom spending” to cope with concerns about the economy and foreign affairs, according to Credit Karma, a personal finance company. And the rates are even higher among Millennials and Gen Z, at 43% and 35%, respectively.

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