Doom Spending Among Gen Z and Millennials in a Financial Planning Webinar in the Digital Era

Abstract

This community service initiative focuses on the phenomenon of "doom spending," a behavior characterized by impulsive consumption driven by stress, anxiety, or uncertainty about the future. The webinar was designed to address the rising prevalence of this issue among Gen Z and Millennials in Indonesia, linking it to psychological, economic, and social triggers such as inflation, social media influence, and a culture of consumerism. Using a participatory approach, the webinar delivered insights into the causes and consequences of doom spending while offering practical strategies for overcoming impulsive financial behaviors. Key topics included financial mindfulness, goal-setting, and stress management techniques. Participants actively engaged in discussions and expressed a strong intent to implement the solutions provided. The results demonstrated a significant impact on participants' awareness and readiness to adopt better financial habits. This initiative highlights the importance of financial literacy programs in mitigating the negative effects of impulsive spending, promoting financial stability, and empowering younger generations to navigate economic uncertainties.