Doom spending is basically spending money on short-term, instant enjoyment, rather than saving it for the future, to cope with economic stress and worries. A recent study by Credit Karma found 43% of millennials and 35% of Gen Zs doom spend to make themselves feel better.

Fuelled by social media, the trend has almost become the norm, with many young people taking to TikTok to complain about the state of their financial futures.

Louise Hill, the chief executive and co-founder of Go Henry, said “Spending excessively now could also make it hard to save up for those important milestone purchases. Understanding the difference between needs and wants is crucial, as it helps prioritise spending on essential items and reduces unnecessary expenses,” she said