My Friends and I Are Rethinking Our Spending Because of Economic Anxiety

Economic anxiety arises when people struggle to justify spending, like paying more for egg-based items, making future planning difficult. Professor Abigail Sussman suggests that rational thinking and weighing trade-offs can help reduce this stress.

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*Source: https://www.wsj.com/personal-finance/recession-spending-anxiety-money-millennials-602509c2 

An instance of economic anxiety is when the customers become frustrated that the items with eggs are extra costly. The fact that people are worried about justifying their spending makes it hard for them to plan for their future. For instance, one could face hardships preparing for his marriage due to his financial constraints. His new job is not paying well and the daunting costs of marriage preparation make it difficult for him to prepare for his marriage. Abigail Sussman, a professor of the Booth School of Business, University of Chicago, claimed that being rational is more practical than making emotional spendings. Moreover, he says that weighing trade-offs is important and can alleviate financial anxiety to make something worth paying. It is important to change one’s financial perspective if one cannot change one’s financial situation.