A live look at many stressed Americans

Retail therapy is getting a rebrand. In recent years, younger Americans have increasingly started “doom spending,” or swiping their credit cards to cope with political, economic, and personal stress, according to a new Intuit Credit Karma report.

• The company found more than a quarter (27%) of Americans say they “doom spend” to cope with stress – a figure which rises to 37% for members of Gen Z, and 39% for millennials.
• Additionally, 36% of respondents say they can’t rationalize saving money due to feelings of uncertainty about the world and economy. That jumps to 47% for Gen Z, and 43% for millennials.

The online doom loop

Per the report, doom spending can largely be attributed to the fact that many Americans are chronically online, where seeing an endless stream of bad news tends to make them stressed.

• More than half (53%) of Americans say they feel like they’re constantly receiving bad news online. But 44% also admit to being chronically online, including 70% of Gen Z and 52% of millennials.

🤔 Bottom line: Per Axios, recent data has left analysts with one main question: Are these patterns simply a reflection of younger generations' tendency to be less financially secure – or are they part of a cultural shift in which overspending now, with hopes of saving later, is becoming more common?