Journal of Islamic Banking
Vol. 5 No. 2 (2024): Journal of Islamic Banking

THE IMPACT OF A CONSUMPTIVE LIFESTYLE ON THE ECONOMIC STABILITY OF MILLENNIALS

Agus Wahyu Irawan (Universitas Al-Hikmah Indonesia)
Misbahul Khoir (Universitas Islam Lamongan)



Article Info

Publish Date
14 Jan 2025

Abstract

Millennials, as a dominant demographic group in the global economy, are significantly influenced by modern consumerist tendencies. This study explores the impact of a consumptive lifestyle on the economic stability of millennials, focusing on their financial management, saving patterns, and long-term economic security. The research highlights that the pervasive influence of social media, advertising, and peer pressure has exacerbated impulsive spending habits, reducing the financial resilience of millennials. By analyzing various factors, such as income levels, debt accumulation, and investment preferences, the study uncovers the challenges faced by millennials in achieving sustainable financial growth. Furthermore, the findings emphasize the need for effective financial literacy programs to counteract the negative effects of consumerism, enabling millennials to make informed financial decisions. This study concludes by recommending practical strategies to balance lifestyle aspirations with economic stability, aiming to foster a more sustainable approach to personal finance among millennials.

Copyrights © 2024






Journal Info

Abbrev

JIB

Publisher

Subject

Economics, Econometrics & Finance

Description

Journal of Islamic Banking is a periodical scientific journal managed and published by Program Studi Perbankan Syariah Fakultas Ekonomi dan Bisnis Islam Universitas Al Hikmah Indonesia This journal specializes in the study of Islamic banking The manager welcomes contributions in the form of articles ...