Do you suffer from “financial hoarding disorder”? Chase bank is concerned you’re saving too much.
Gen Z and their “soft saving” (as opposed to hard saving where you postpone luxuries in the here and now to reap greater rewards in the future the old fashioned way) would agree.
But do you?
Do we save too much? (As an economist, I can tell you, at a collective level the answer is “no” and that like the average South African we *should* be more afraid of retirement than death - true story.)
Is saving a mental health disorder?
Or are we confusing accelerationist, utilitarian “Longtermism” with a capital L, with prudence, wisdom, self discipline and foresight?
Do we have too much of a present “infinite now” bias, or is our problem really too much thinking about the future?
Do we self indulge too little (as for profit, velocity incentivised banks and spoilt teenagers tell us) or too much (or are we just out of touch boomers for even considering self sacrifice in a world where central banks can just conjur money at will…)?
Is the future - and your future comfort in it - just someone else’s problem?
Let me know your thoughts.
Read more :
Bank says you should seek mental health help for saving : https://www.chase.co.uk/gb/en/hub/money-hoarders/
Soft saving (because patience is hard) : https://www-cnbc-com.cdn.ampproject.org/c/s/www.cnbc.com/amp/2023/10/23/soft-saving-trends-reshape-gen-z-millennials-personal-finance-goals.html
Longtermism - the “EA” utilitarian kind - can be dangerous too (although it’s a *very rare* condition): https://aeon.co/essays/why-longtermism-is-the-worlds-most-dangerous-secular-credo
Cake (I mean retirement) or death : https://www.702.co.za/articles/484678/many-south-africans-are-more-afraid-of-retirement-than-dying
Financial hoarding disorders and other excuses