With the advancement in technology and life style the spending habits of people have undergone drastic changes.Now a days people have a tendency to spend all the money rather than securing it. This essay will explore the reasons behind this trend and whether it is a positive or negative development.
To start with, the primary reason for this trend is personal gratification. Many individuals feel that purchasing materials bring them joy and internal satisfication. They often justify their words by saying that they work hard and treat themselves by their own money. Additionally, visual media had a great influence in these days. Many people feel that they need to acquire new things to keep up with latest trends. Eventhough, poor people also buy branded products because, of advertisements.
However, this behaviour leads to a negative development. Firstly, people who do not save money may struggle with financial crisis. This often can lead to debt which can have serious consequences on a person wellbeing. Secondly, excessive spending of money on shopping is usally more compared to olden days. But, when a financial crisis occur at that time this may create psychological problems like depression in shopoholistic individuals.
In conclusion, it is an undeniable fact that many individuals spend excessive cash rather than saving it. The desire for internal gratification are one of the reason why person using more money. It brings a little happiness but, it can have negative consequences. Therfore, people can make a balance between spending and saving. It helps to achieve long term financial goals.