A wise man saves for the future, but the foolish man spends whatever he gets Proverbs 21:20
The retail industry is intentionally targeting Gen Z, the demographic group ranging from ages 11 to 26. In a research analyzing the 2024 spending and buying habits of GenZ, it was reported that Gen Z’s global purchasing power is $450 billion (about $1,400 per person in the US) while they account for 40% of consumers worldwide. Since they were born and raised in the digital era their digital fluency, proficiency in navigating online platforms, and social consciousness makes them avid online shoppers.
But spending more than you earn or have often results in borrowing money. Initially, this might seem harmless, but debts can accumulate rapidly, especially if you rely on credit cards, buy-now-pay-later schemes, or loans. The interest rates on these debts can cause them to grow faster than anticipated, turning a small loan into a substantial financial burden. Socially motivated spending means the retail and banking industries reap the rewards while individuals bear the consequences. So how can Gen Z be helped, so they do not end up like ‘Gen X— born roughly from 1965 to 1980. They have the highest average debt stemming from student loans, credit cards and more.”
Need or Want?
With persuasive social media influencers everywhere, it has become easier to buy everything we see. But before making a purchase, ask yourself: Do I need it, or do I just want it? Prioritize your spending on needs and think twice before splurging on wants.
Delete Stress
Constantly worrying about money can lead to stress and anxiety, eventually affecting your mental and physical health, relationships, and overall quality of life. Instead of spending on temporary pleasures, consider investing in acquiring profitable skills that will bring financial security for the future.
Track Spending
Keep track of where your money goes with the help of various apps designed to monitor spending. By seeing how much you spend in various categories, you can identify areas of overspending and make necessary adjustments.
Save
If there is something expensive you want to buy, plan for it by saving up over time rather than purchasing it on credit. This approach helps you avoid debt and teaches the value of delayed gratification.
A Healthy Financial Future
Learning to manage your money wisely is a skill that will benefit you throughout your life. By avoiding overspending, you can achieve financial stability and enjoy the freedom and opportunities that come with it. Remember, it is not about never spending money—it is about spending it wisely. Make informed decisions, plan, and prioritize your future. Your financial health is just as important as your physical health, so take good care of it!
Prayers
1. O Lord create opportunities for my prosperity in Jesus name.
2. Holy Ghost fire, arrest the spirit of poverty programmed into my life in Jesus name.
3. By the power in the blood of Jesus, I reject lack, poverty, insufficiency in Jesus name.
4. My pocket/wallet/purse/bank account reject the scarcity of cash in Jesus name.
5. O Lord anoint my eyes to see the hidden riches of the world in Jesus name.
