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? v.13

Youngsters today, ought to bug exorbitantly expensive stuff which, in most of the scenarios, is not a necessity for them or they cannot justify their purchase. This is due to peer pressure and it can be prevented if parents educate them properly. Most juveniles expect that their parents should get them latest expensive gadgets such as mobile phones and gaming consoles because their other friends own the same things. Hence, to show off and to be at par with other acquaintances, they demand for such items. A recent research concluded that most of the issues occurring between children and their parents these days are due to the high rising demands of the minors for expensive digital things, which was not the case two decades ago. To solve the present issue, parents must educate their children about the importance as well as the right time to own such items. They should emphasize on moral values and give less importance to materialistic thins and this is only possible if they themselves follow the same fundamentals. For instance, in India, every child is taught these values from a very young age, and therefore, this issue does not persist there. In conclusion, many people tend to buy stuff that is not needed by them or they cannot afford as they want to show their affluence to the society. Conversely, this is not a good practice and can be stopped if parents teach the value of being a good human being than the happiness of buying these things.