Embracing affordability: A wake-up call for the youth

Consumerism has become deeply ingrained in modern society, fostering a mind-set of materialistic desires and the need to keep up with the latest trends.

The youth are constantly bombarded with images of luxurious lifestyles, expensive belongings, and lavish experiences on social media platforms and this often leads them to develop unrealistic expectations of life and a desire to mirror these extravagant lifestyles.

However, this approach often ignores the importance of financial stability and strategic planning.

In an era plagued by social media influence, today's youth face immense pressure to emulate and compete with the seemingly extravagant lives of others.

Young adults are often driven by a desire to experience the best of what life has to offer without considering the affordability factor.

Hamisa Athumani, 30, a Mwanza resident, says when she was studying at a certain college in Mbeya, she used to buy mobile phones routinely, after every few months just because her peers praised her for it, especially the newer and more expensive models she liked to use, regardless of the reality that her income did not allow her to do so.

"Imagine, I rely on my parents and I buy a phone every few months, just so I can show-off and be seen by my colleagues that I am able to afford a nice new phone," she shares.

She adds: "I was just taking it for granted, I didn't know how wrong I was."

She says that when she got married, her husband started pressuring her to quit making unnecessary purchases such as the expensive phones she was accustomed to getting every few months.

"I felt like he was bullying me because I was already used to that lifestyle,” she says. “However, he continued to educate me and emphasise that I should stop that behaviour because it would affect our economy and the development of our family as a whole."

She adds further that she still has friends who still buy expensive phones every few months, and unfortunately, it does not end with phones as they purchase other things that they don't even use at all.

Edwin Antony, 23, a resident of Dar es Salaam says he used to go to big restaurants in the city for lunch or dinner with his friends who had come from abroad. He used to do that every time they came to Tanzania to visit him.

"Sometimes, I used to spend more money in one week than I could get in three months, which landed me in a lot of debts which I spent a very long time paying for," he shares.

According to him, the situation led to the collapse of his car parts shop.

"The day I realised how badly that habit would affect me, it was already too late,” he says.

“I had a lot of debts and my income could not service these debts and the only reason I ended up in that position was because I wanted people see that I had a luxurious life," he reveals.

Mr Hussein Hassan, a financial consultant in Dar es Salaam says most youth have been affected by the consequences of embracing a lifestyle beyond their financial means.

He says young people are often enticed by a seductive consumer culture, which promotes the idea that they can have it all such as luxurious vacations, trendy fashion, and the latest gadgets.

“Fuelled by social media platforms, a constant display of wealth and luxury can create an insatiable desire for material possessions that many cannot realistically afford,” he notes.

He says although extravagant spending may provide temporary satisfaction or gratification, it often leads to long-term negative consequences, both psychologically and financially.

“Overspending can result in crippling debts, anxiety, and an endless cycle of chasing materialistic temptations,” he says.

According to him, many young adults take on excessive credit card debt, and loans, or rely on family support, all while struggling to maintain an unsustainable lifestyle.

Mr Joseph Manyeri, another financial consultant in Dar es Salaam, reveals this financial strain negatively affects youths’ mental and emotional well-being, causing anxiety, depression, and strained relationships.

He explains that while focusing on short-term gratification, the youth often sacrifice long-term goals and aspirations.

“Prioritising immediate desires rather than investment in education, career development, or entrepreneurship may hinder their future prospects, leaving them financially unstable in the long run,” he shares.

Due to the fact that the habit has been tormenting the youth, there’s significant need to shift focus from imitation to embracing affordability in order to build a stable financial foundation amongst the youth.

With a refreshed perspective on expenditure and lifestyle, young individuals can pave the way for a brighter future and break free from the dangerous cycle of overspending.

Mr Manyeri, says it is crucial to educate young people about the importance of financial management and creating a realistic budget.

When equipped with the necessary skills to make informed choices, they can avoid financial pitfalls and ensure a more secure future.

“Incorporating financial literacy courses into educational curricula, engaging community programs, and mentorship opportunities can foster a culture of responsible spending among the youths,” he says.

On the other hand, Mr Hassan, advises the youth that instead of adopting an ‘all or nothing’ mind-set, young adults need to understand the significance of finding a balance between their dreams and financial reality.

“We should encourage them to set realistic financial goals, investing in experiences rather than material possessions, and building healthy saving habits can provide a sense of fulfilment without sacrificing financial stability,” he says.

He says parents and guardians should teach their young ones to appreciate what they have, celebrate personal accomplishments, and find contentment beyond the material realm.

“We should encourage experiences that foster personal growth, such as volunteering, self-reflection, and nurturing relationships, which can help young adults explore alternative forms of happiness outside of consumerism,” he says.

He says it is crucial for today's youth to understand the value of affordability.

“By focusing on their individual financial well-being rather than trying to mimic others, young individuals can forge their own path and work towards long-term goals,” he says.

He continues: “Affordability does not imply sacrificing quality or enjoyment, it encourages practicality, self-awareness, and the ability to differentiate between needs and wants.”

Ms Doreen Raymond, an economist and an assistant lecturer at University of Iringa (UoI), says in order to protect the youth from unnecessary financial burdens and help them secure a stable future, as a society we must prioritise financial literacy initiatives, empower and educate young adults on responsible spending, and emphasise the pursuit of fulfilment beyond material possessions.

“By doing so, we can foster a generation that is financially aware, content, and equipped to navigate the challenges of adulthood,” she shares.