Americans Are 'Doom Spending' to Cope With Hazy Financial Future

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. -------- Subscribe to our YouTube channel: https://trib.al/KM4k5RA Subscribe to Bloomberg Originals: https://trib.al/dJv9Uw8 Bloomberg Quicktake brings you global social video spanning business, technology, politics and culture. Make sense of the stories changing your business and your world. Connect with us on… YouTube: https://www.youtube.com/user/Bloomberg Breaking News on YouTube: https://www.youtube.com/@BloombergQuicktakeNow