Doom-spending? Why young people struggle to save for the future

For many young people, saving for the future has become a difficult financial responsibility. The cost of housing, food, transport and other essentials continues to compete with long-term goals, while uncertain employment and limited income make financial planning harder. At the same time, social media encourages a lifestyle built around experiences, personal comfort and consumption. Some young people respond by spending on what makes them happy today, while others save cautiously because they fear what tomorrow might bring. Between meeting present needs and building financial security, many are struggling to find a balance that works.

1. Rising living costs

One of the biggest reasons young people struggle to save is the increasing cost of everyday life. A salary that once seemed sufficient can quickly disappear after paying rent, buying groceries, covering transport and settling other bills.

In Kenya, young adults may also have family responsibilities, including supporting parents, contributing to household expenses or helping siblings with school fees. These obligations can place additional pressure on their income, leaving little money for personal savings.

The problem becomes more frustrating when earnings remain unchanged while expenses continue rising. Someone may receive their salary with plans to save a portion, only to discover that an unexpected bill or higher food prices have disrupted the budget.

When most of the income is already committed to necessities, saving becomes difficult, even for someone who understands its importance.

2. The future feels too expensive to imagine

For many young people, financial success is associated with owning a home, starting a business, investing and enjoying a comfortable retirement. However, the cost of achieving these goals can make them seem distant.

A young worker struggling to pay rent may find it difficult to imagine saving enough for a home deposit. Someone earning an irregular income may focus on surviving the next few months rather than preparing for a retirement that is decades away.

This uncertainty can influence how people view saving. When a major financial goal appears unattainable, spending on a holiday, a meal or a personal purchase may feel more rewarding than putting money aside for an uncertain future.

This is part of the thinking behind doom spending, where some people prioritise immediate enjoyment because they feel the future is unpredictable or financially out of reach. It does not mean everyone who spends money lacks ambition. Sometimes, the problem is that the gap between income and long-term goals feels too wide.

3. Social media encourages constant spending

Social media has changed how young people experience money and lifestyle choices. A few minutes of scrolling can expose someone to holidays, fashionable clothing, restaurant visits, new gadgets and expensive beauty routines.

Although these posts rarely show the full financial picture, they can create pressure to keep up. Young people may feel that they need to participate in certain experiences or own particular products to avoid being left behind.

Influencers and online retailers also make shopping more convenient. A product that was not part of someone’s plans can become an immediate purchase after seeing it repeatedly online.

The challenge is not enjoying nice things. It is allowing external pressure to determine how much money you spend. When lifestyle expectations grow faster than income, savings are often the first thing to suffer.

4. Emotional stress can influence spending habits

Financial decisions are not always based on careful calculations. Stress, disappointment, loneliness and exhaustion can affect how people use their money.

After a difficult week at work, someone may decide to order an expensive meal, buy new clothes or spend a weekend away as a reward. There is nothing wrong with enjoying life, but problems can arise when spending becomes the main way of dealing with emotional pressure.

Doom spending is often associated with this desire for immediate comfort. A purchase may provide temporary satisfaction, even when the person knows the money would be more useful elsewhere.

Over time, repeated emotional spending can interfere with savings, debt repayment and other financial responsibilities. Recognising the reasons behind these decisions can help people understand their habits without treating every purchase as a mistake.

5. Young people want to enjoy life before it gets more momplicated

Saving for the future can sometimes feel like postponing life. Young adults are encouraged to invest, build wealth and prepare for retirement, yet they also want to travel, spend time with friends and enjoy personal experiences.

This creates a difficult balance. Someone may want to save for a home while also paying for a holiday. Another person may be trying to build an emergency fund while managing the cost of social activities and personal interests.

The pressure to achieve financial milestones can make people feel that they are falling behind, particularly when they compare themselves with friends who appear more successful.

However, financial priorities differ. Not everyone earns the same income or carries the same responsibilities. A savings plan that works for one person may be unrealistic for another.

The challenge is to create room for enjoyment without consistently sacrificing essential needs and long-term goals.

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