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Fortune

Jessica Coacci

Older generations bash Gen Z for 'doom spending.' But experts say there's a good reason why people splurge when they're young

Morgan Housel Lucy Guo Psychology Fortune

Gen Z spending (Credit: Peter Cade-Getty Images)

Other generations may bash Gen Z for splurging on the latest Taylor Swift concert or a trip to Japan, but one financial behavioral expert says their status-driven spending is completely normal.

“When I was 20, I was like, if only I could have the Ferrari. If only I could have the mansion,” Morgan Housel told Fortune. “Looking back, I think the reason I wanted it so badly is because I had nothing else to offer the world.”

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