What is “affluenza”? An Australian economist defines this increasingly common affliction among consumers as that “strange desire we feel to spend money we don’t have to buy things we don’t need to impress people we don’t know”.
In days gone by, affluenza was better known as “keeping up with the Jones’”. It’s an instinct that can lead consumers to saddle themselves with excessive debt and investors to take on excessive risk in pursuit of short-term and unreliable rewards.
Our fabulous 'sketch guy' Carl Richards has written an article for The New York Times about making the right comparisons, and how our desire for validation can cloud our ability to make sound financial decisions.
Read the article here