My Thoughts Featured in Arabian Business
I’m honored to share my insights in a recent Arabian Business article by Sharon Benjamin, where we delve into the concerning trend of ‘doom spending’ among UAE’s Gen Z. The article presents a comprehensive look at how economic uncertainties and a culture of conspicuous consumption are driving young adults towards financially perilous behaviors.
‘Doom spending,’ a term highlighting the practice of indulging in lavish spending as a coping mechanism for future uncertainties, is increasingly prevalent among young individuals in the UAE. This trend, driven by a mix of socio-economic factors and the influence of social media, represents a significant shift in financial behavior — one that could have long-lasting implications for both personal and national economic health.
In my contribution to the article, I discuss the psychological underpinnings of this behavior, emphasizing the need for financial discipline and long-term planning. The transient nature of expat life in the UAE, coupled with the pressures of social media, often leads to short-term financial decisions that conflict with long-term financial health.
The article is a must-read for anyone looking to understand the complexities of modern financial behaviors and the importance of sound financial planning in these unpredictable times. Check out the full article for an in-depth exploration of this trend and its broader implications.
About Mike Coady
Mike Coady is an expat expert based in Dubai and is on hand to help with all of the above and more.
Mike is an award-winning money coach and industry leader in the financial sector.
Qualified to UK Financial Conduct Authority (FCA) standards, a member of the Chartered Insurance Institute, a Fellow of the Institute of Sales Management (FISM), a Fellow of the Association of Professional Sales (F.APS), a Fellow of the Institute of Directors (FIoD) and featured as a highly qualified Financial Adviser in Which Financial Adviser.
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Blog published by Mike Coady.
