By: Dhania Puspa

As Indonesia celebrates the 96th anniversary of Sumpah Pemuda in 2024, the theme “Maju Bersama Indonesia Raya” reminds us of the power of collaboration and youth spirit in shaping the future. One rising phenomenon, especially relevant to Generation Z, is doomspending—the impulse to spend money as a response to anxiety or emotional stress. This trend has surged among Generation Z, who have grown up amid global economic uncertainty, a pandemic, and the influence of technology. However, by embracing the spirit of Sumpah Pemuda, Generation Z can turn these challenges into opportunities for a more stable future.

1. Understanding the Doomspending Phenomenon Among Generation Z

Doomspending refers to impulsive spending behavior, often driven by feelings of anxiety or discomfort, and it has become a noticeable trend, particularly among Generation Z. The pandemic period, isolation, and uncertainty about the future have intensified this behavior, with people using shopping as a temporary escape.

For Generation Z, already burdened by high education costs, job insecurity, and challenges in achieving financial independence, doomspending can lead to long-term financial problems such as debt accumulation. Understanding and addressing this behavior is crucial to securing their financial future.

2. Causes of Doomspending and Its Impact on Generation Z

Several factors influence doomspending, including:

• Economic Uncertainty: Global economic crises and job insecurity create anxiety, and shopping offers a brief sense of control.
• Social Media Pressure: Generation Z’s heavy use of social media fosters consumerism and unrealistic lifestyle standards, pushing them to overspend.
• Easy Access to E-commerce: With seamless online shopping platforms and digital payments, impulsive purchases are only a click away.
• Emotional Stress: Anxiety about the future often leads to doomspending as a form of “self-care.”

The impact can be severe, leading to depleted savings, increased debt, and further emotional distress. To tackle this, Generation Z must develop healthy financial habits and redirect negative energy into more productive outlets.

3. Facing Doomspending with the Spirit of Sumpah Pemuda

The values of Sumpah Pemuda—collaboration, independence, and responsibility—offer guidance for Generation Z in overcoming doomspending and other financial challenges. Here’s how:

• Collaborative Financial Literacy: By increasing financial literacy through peer collaboration, community programs, and digital platforms, Generation Z can learn to manage money wisely, avoid consumerism traps, and adopt better saving habits.
• Entrepreneurial Spirit: Embracing the entrepreneurial spirit of Sumpah Pemuda, young people can redirect their resources to start small businesses or enter the creative economy, turning spending impulses into investments in their future.
• Sustainable Innovation: With a strong sense of social responsibility, Generation Z can create ethical and sustainable business models that contribute positively to society while combating doomspending.

4. Seizing Opportunities Amid Uncertainty: Preparing for the Future

Despite the challenges, Generation Z has enormous potential to turn doomspending trends around. During economic uncertainty, they can take strategic steps rooted in the Sumpah Pemuda spirit to secure a better future:

• Proactive Financial Management: Learning to make wiser financial decisions and using tools like budgeting apps or financial courses can help Generation Z manage their money better.
• Digital Awareness: Developing an awareness of how social media influences spending can lead to healthier financial habits, reducing impulsive buying behavior.
• Leveraging Technology for Self-Development: Rather than doomspending, Generation Z can use technology to acquire new skills, from online courses to remote internships, enhancing their future career prospects.

5. Integrating the Values of Sumpah Pemuda into Financial Life

Sumpah Pemuda is more than a symbol of national revival—it’s a guide for the youth to face the future. Generation Z can draw inspiration from the values of unity, independence, and commitment to a better future as they tackle doomspending and other economic challenges.

• Collective Financial Independence: Collaborating in communities and supporting each other, Generation Z can work towards financial independence, sharing knowledge and experiences to develop healthier financial habits.
• Building a Sustainable Future: Generation Z has a responsibility to create a better future, not just for themselves but for society. By integrating sustainability into their financial decisions, they can become agents of change.

If you are part of Generation Z and want to understand better how to manage your finances wisely or explore ways to build a sustainable future, Qando Qoaching offers coaching and training programs designed to support you. We provide guidance on financial literacy, entrepreneurship, and self-development to prepare you for future challenges. Visit campsite.bio/qqgroup and follow us on social media for more information on our programs.