Young People “Doom Spending” to Cope with the Economy

There’s a new financial trend among Gen Z and Millennials, and it’s called “doom spending.” And, if you think it sounds ominous, it is. Many young people say that they feel discouraged about the economy and that is leading them to reach for their wallets.

Doom spending is a term that financial experts are using to describe people who are shopping to cope with their stress about the larger economy.

Editor in Chief of Investopedia, Caleb Silver, and clinical and family psychologist, Dr. Jennifer Hartstein of Hartstein Psychological Services, joins NBC News Now’s Mental Health Check to discuss the concept of “doom spending” and why young people are feeling this desperate need to spend.

Watch now to learn more.