Critics might be tempted to diagnose me (and others like me) as ‘snowflakes’ who don’t know just how good they have it. Indeed, get out the world’s smallest violin for the girl who shops away her sadness and insecurity on Asos. But it goes much deeper than that.

Doom spending isn’t just about being more frivolous with money than we usually would. In the same way that doom scrolling – the act of endlessly swiping through bad news articles, posts and websites – can give us a sense of being in control (or at least in-the-know) in uncertain times, doom spending does the same thing.

“When it comes to doom spending, there is an overwhelming attitude of ‘what is the point of saving’?” explains Alison Goolnik, a psychotherapist and member of the British Association of Counselling and Psychotherapy (BACP). “With global warming, economic uncertainties like crippling student loans and high mortgage rates, people are rightfully wondering if they’re ever going to be able to fund long-term investments like houses. And if they can’t, the conclusion they are coming to is why shouldn’t they enjoy their money now and live in the moment. It’s ultimately a comfort and a distraction that leaves you with a sense of pleasure, but one that is only temporary.”

According to Goolnik, when we doom spend as a coping mechanism, it triggers the brain’s reward system, giving us a hit of pleasure chemicals like dopamine. This of course feels great in the moment, but can quickly be replaced by guilt, shame or regret, which creates the very feelings of uncertainty that can start the whole cycle over again. That’s not to mention the negative financial effects, which can range from getting into debt to an over-reliance on predatory buy now, pay later services to fund our hedonistic mentalities.

Doom spending: what is it, why is it on the rise and how bad is it for us?