Firstly, there are a lot of distractions in our modern lifestyle. The significant rise of trends directly or indirectly influences people to follow them so as to be a part of the group. In the fear of missing out, an individual often expands their expenditure on unimportant things, resulting in very less or no money to save. For instance, on social media, people often flex their mobiles, which puts them in elite class, whereas Android users feel inferior and tend to buy iOS, which is not necessary.
Secondly, I think this culture is producing a serious issue. People are unaware of how quintessential savings are. They may ignore the risk of the future with no financial education. Having no insurance or capital in emergency situations may lead them to suffer. People may spend their money on the spot, assuming there is no need for upcoming events.
This is somewhat acceptable, as living your life to the fullest is needed, but this should not disregard the practicality and financial literacy. For example, a person with no money had an accident with no health insurance will suffer more than the person who is financially secured.
To conclude, distractions and lack of awareness may contribute to people’s perception to spend more than saving. This has a noticeable negative impact on one’s life.