Some people get into debt by buying things they don’t need and can’t afford. What are the reasons for this behaviour? What action can be taken to prevent people from having this problem?

Nowadays,

people

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tend to buy a lot of things that they do not need but spend a huge amount of

money

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.

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on.

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There are several reasons that trigger the increase in

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behaviour, but various measures taken by

banks

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and governments can prevent

people

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from having

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problem. There are three major reasons causing the phenomenon.

First

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,

people

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can release their psychological distress when purchasing. They often shop to cope with stress, only to feel regretful or ashamed after the purchase clears.

On the other hand

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, some

people

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may have intense cravings to shop and experience a high when doing so.

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is a way for them to release stress and get satisfaction.

Second

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, promotions from

banks

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can intensify the behaviour. In order to attract customers, some

banks

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offer discounts and cash returns to customers after buying if they reach a certain amount of

money

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.

This

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actually encourages

people

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to spend more

money

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than they can afford.

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, social media takes the account of compulsive buying as well. The idea of materialism is spread through advertisements of companies, as well as from key opinion leaders. Without proper financial planning,

people

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fall easily

to

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into

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the trap of purchasing an excessive amount of goods. To prevent

people

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from having

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problem, the most important is to learn the correct way to plan their finances. Governments and bank companies are responsible to provide resources to train

people

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’s financial literacy.

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, compulsory financial courses can be introduced into schools, which cultivates children on appropriate financial concepts starting from a very young age. The government should

also

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be more aware of the individuals who may be symptoms of compulsive buying and transfer them to psychological services and group interventions. It is undeniable that purchasing things that are not necessary and affordable can be caused by individuals' psychological stress, promotions from

banks

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and advertisements

in

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on

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social media. But, it is believed that more solutions can be found than problems if different stakeholders can collaborate and promote the correct

money

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planning to the general public.