Homeownership was once a right of passage into adulthood, along with settling down, starting a family, and finally, enjoying the fruits of your labor. But the American dream feels so out of reach for young people today, that they’re not even bothering to save up for the future. Instead, Gen Z and young millennials are “doom spending” by splashing out on luxury escapes, Taylor Swift concert tickets and designer goods to cope with their financial limitations.
“When older people ask me how young people are affording nice things that they wouldn’t even buy for themselves, “I tell them it’s because we can’t afford anything else,” Maria Melchor, a 27-year-old financial content creator explained to millions of TikTok users.
