Literature Review 6

Literature Review 6 Literature review Literature review The literature review aims to examine and evaluate the opinions, suggestions and assertions of different scholars about the overspending and overconsuming nature of millennials on materialistic items. The review takes a multi-disciplinary approach where the contribution of economics, psychology and adolescence studies are put into perspective. Moreover, the review seeks to examine and evaluate how the scholars relate to culture and area of origin of the millennials with their characteristics of overspending and overconsuming the materialistic items which they feel are necessary, but they are not required for survival. Tania Modesto Veludo-de-Oliveira, Marcelo Augusto Falciano and Renato Villas-Boas Perito (2014) through a research study assessed the mediating and moderating roles of the credit card usage comparing the compulsive buying behaviour in relation to anxiety and distrust, retention-time and power-prestige. They found that the millennials with high levels of anxiety showed increased compulsive buying and hence misuse of credit cards. Tania Modesto Veludo-de-Oliveira, Marcelo Augusto Falciano and Renato Villas-Boas Perito (2014) notes that the finding of their research indicated non-significant mediation of credit card usage with regard to distrust effects on compulsive buying behaviour. Additionally, the levels of credit card usage did not reduce as a result of the price sensitivity of the millennials. The price sensitivity showed an over-spending effect when related to power-prestige and retention time. Elkins (2017) examines how millennials spend their money in comparison with their parents. In support of a report from Charles Schwab, Elkins (2017) notes that the millennials spending is triggered by conveniences and comforts which makes them spend more than other generations. The study outlines pricey coffee, dining out and taxis as some of the comforts and conveniences on which the millennials overspend. In continuity, the study notes that approximately 60% of millennials spend money on purchasing clothes which they don’t necessarily require. Despite the over-spending and the over-consuming characteristics, the Charles Schwab report found out that the millennials are more planning-oriented than other generation groups including their parents. This note is in contradiction with the Elkins (2017) views that the millennials are falling short on savings due to the influence of over-spending. Life’s core attitudes are largely influenced and locked in by the age of 5. This is an agreement brought forward by psychologists starting from the era of Sigmund feud going forward. In addition to contending with the agreement, Mauldin (2016) notes the historical living of the childhood influences the conclusion made by Neil Howe and William Strauss that a person's attitudes form in early childhood and the shaping of those attitudes. Through Neil Howe and William Strauss, Mauldin (2016) points out that the person’s approach to life is also determined by the challenges which one faces as he becomes an independent adult. It is through this premise that informs the division of population in terms of generational cohorts. Among the four generational cohorts identified by Howe and Strauss including the hero, the artist, the prophet and the nomad, the millennials are classified as generational cohort hero. The raising of this cohort is characterized by protection from parents. This is the upbringing background of the millennials as outlined by Mauldin (2016). Steve Vander Veen (1994) discusses the consumption of the heroes and their hierarchy effects. He notes that separation, initiation and return factors influence the over-spending and overconsuming attitude of the heroes (millennials). Kuhns and Saksena (2016) compare millennial food purchase decisions with other generations. They note that millennials spend fewer of their foods’ expenditure at the restaurants, but they continue to demand fresher and healthier items. The study found out that the millennials decisions on food purchase are informed by the freshness and healthiness of the items which increases their purchasing power. Also, the aspect of a variety of fresh and healthy food items influences the millennials to overspend and over-consume. Woo (2018) studies the millennial’s shopping behaviour. She opines that the millennials are influenced by popular culture. The various real-life incidences which have been witnessed by the millennials like the 9/11 attacks has resulted in creating anxiety and having a gloom and doom messages which have a psychological and social effect on them. Despite the economic challenges which they have experienced during their childhood, they are reaching an increased market influence and purchasing power. Their approach to buying is unique from other generations. Their purchasing power is informed by what makes them feel good, experiences, peer influence, promiscuity, peer-generated endorsements and relevancy (woo,2018). The contemporary socio-economic conditions cannot be used conclusively to explain adult reward sensitivity. On the contrary, childhood is the best-suited concept to explain adult reward sensitivity. This notion was construed by Gonzalez, Allen and Coan (2016) in their mission to find out how the neighbourhood quality in adolescence relates to mesolimbic sensitivity to reward anticipation in adulthood. After researching putative mesolimbic reward areas, they found out that a heightened sensitivity to the anticipation of monetary gain was associated with lower adolescent neighbourhood quality. Additionally, a relationship was established between heightened sensitivity to an anticipated monetary loss in visuo-motor areas and lower adolescent neighbourhood quality. Gonzalez, Allen and Coan (2016) also established a relationship between lower current income and heightened sensitivity to anticipated loss when they researched operculum and occipital areas. It was their finding that the neighbourhood quality findings could not be bettered by externalizing adulthood or even childhood behaviours. Gonzalez, Allen and Coan (2016) conclusive findings were that a greater neural reward sensitivity in adulthood is associated with neighbourhood ecology in adolescence although mediation through behaviour externalization and impulsivity does not affect. In conclusion, the literature that has been reviewed has shown the interdisciplinary contribution towards the research topic on millennials and over-consumption. Literature on economics have revealed how the millennials areas of origin together with their culture influence overspending and over-consumption on unnecessary items. The saving culture can be achieved if the millennials start using less of the unnecessary items. The authors in connection to psychological perspective gives the background on how millennials are raised and their conformity to society by looking at the millennials as heros in the four generation cohorts proposed by Howe and Strauss. Finally, literature regarding adolescence studies compares the spending nature of millennial demography in comparison with adulthood. Rationale and research methodology Many countries around the world have realized the vulnerability of persons with disabilities. They have moved a step further to formulate policies meant to protect persons with disabilities from various vulnerabilities. Most of these policies are formulated but fail to undergo full implementation while others are not implemented. For this excerpt, a hypothetical research topic will be considered. The topic involves an evaluation of the implementation of persons with disabilities Act of 2003 enacted in Kenya (Rojon & Saunders, 2012). The rationale of the research The objectives of the research would be to establish the extent to which the Act has been implemented, examine the impact of the persons with disabilities programs and investigate factors that influence the implementation process of the Act. By undertaking this study, the objectives will be met. This will lead to an informed understanding of Kenya’s policy processes (Rojon & Saunders, 2012). The research study will further provide empirical data which can be utilized in the development of programs for the empowerment of persons with disabilities. Through identification of challenges facing the implementation of the Act and in consideration of the lessons learned during the formulation and implementation of the Act, a pool of knowledge will be generated which can assist the policy makers to reduce the flaws and formulate more effective and implementable policies. Overall, you've done good work here, Melissa. You cover all the different disciplines' approaches to the topic to help demonstrate what has been said on your chosen issue. Do make sure to avoid making any arguments or expressing your own opinion in any way in this assignment. The goal is simply to explain the research as it stands and what your proposed approach will contribute to the field. Check your APA formatting and make revisions so that it completely follows APA standard guidelines.

Paper For Above instruction

The literature review provided offers an extensive interdisciplinary exploration of the behavioral, psychological, economic, and socio-cultural factors influencing millennials' tendencies toward overspending and overconsumption. The review highlights the complex interplay between upbringing, cultural influences, psychological predispositions, and economic behaviors that shape the spending habits of this generation. It underscores the significance of early childhood experiences, as emphasized by psychologists like Neil Howe and William Strauss, who classify millennials as part of the 'hero' cohort characterized by protection and nurturing during upbringing. Such environmental factors are significant, as Veen (1994) discusses, correlating hero hierarchical behavior with tendencies toward over-spending.

Economically, it is evident from Veludo-de-Oliveira et al. (2014) that millennial reliance on credit cards exacerbates compulsive buying behavior, especially when coupled with high anxiety levels. Their findings suggest that while credit card misuse is influenced by psychological factors, price sensitivity among millennials relates more to lifestyle factors like power and prestige rather than financial prudence. Elkins (2017) supports this notion by contrasting millennial behaviors with previous generations, noting their spending driven by a desire for convenience and comfort, such as dining out and luxury coffee, despite being comparatively more planning-oriented than older cohorts. This apparent contradiction points to a nuanced understanding of millennial consumption, where over-spending does not necessarily equate to lack of planning but rather reflects a shift in priorities and value systems.

Psychological perspectives, as discussed by Gonzalez, Allen, and Coan (2016), suggest that childhood environment significantly influences reward sensitivity in adulthood. Their neuroscientific findings reveal a link between lower neighborhood quality during adolescence and heightened neural sensitivity to reward anticipation, which can predict impulsive and over-consuming behaviors later in life. This aligns with the broader psychological understanding that early life experiences shape attitudes towards material goods and spending habits, supporting the idea that the roots of over-consumption are embedded in childhood, not solely due to current socio-economic pressures.

Further, Woo (2018) emphasizes the role of social and cultural influences, including peer pressure, popular culture, and collective traumatic events like 9/11, which cultivate anxiety and influence shopping behaviors. Millennials, despite economic hardships experienced during childhood, show increasing market influence and purchasing power, driven by a desire for experiences, peer validation, and relevance. Their preferences, often rooted in emotional satisfaction rather than necessity, lead to overspending on items that provide immediate gratification or social status.

From a socio-economic standpoint, the integration of lifestyle, cultural upbringing, and psychological factors illustrates that millennials’ overspending is multi-faceted. The review calls for recognition of the importance of early childhood environments, societal influences, and psychological predispositions. These insights are crucial for designing policies aimed at encouraging prudent financial behavior and fostering saving cultures within this demographic.

References

  • Elkins, K. (2017). Here’s how millennials spend their money compared to their parents. CNBC. Retrieved from https://www.cnbc.com
  • Gonzalez, M. Z., Allen, J. P., & Coan, J. A. (2016). Lower neighbourhood quality in adolescence predicts higher mesolimbic sensitivity to reward anticipation in adulthood. Developmental Cognitive Neuroscience, 22, 48–57.
  • Kuhns, A., & Saksena, M. (2016). How millennials’ food purchase decisions compare to previous generations. USDA Economic Research Service.
  • Mauldin, J. (2016). Millennials are doomed to face an existential crisis that will define the rest of their lives. Forbes.
  • Veludo-de-Oliveira, T. M., Falciano, M. A., & Perito, R. V. B. (2014). Effects of credit card usage on young Brazilians’ compulsive buying. Young Consumers, 15(2), 111–124.
  • Veen, S. (1994). The consumption of heroes and the hero hierarchy effects. In C. T. Allen & D. Roedder (Eds.), Advances in Consumer Research (Vol. 21). Provo, UT: Association for Consumer Research.
  • Woo, A. (2018). Understanding the research on millennial shopping behaviors. Forbes. Retrieved from https://www.forbes.com
  • Rojon, C., & Saunders, M. N. K. (2012). Formulating a convincing rationale for a research study. Coaching: An International Journal of Theory, Research and Practice, 5(1), 55–61.
  • Al-Riyami, A. (2008). How to prepare a Research Proposal? Oman Medical Journal, 23(2), 66–69.
  • Gonzalez, M. Z., Allen, J. P., & Coan, J. A. (2016). Lower neighbourhood quality in adolescence predicts higher mesolimbic sensitivity to reward anticipation in adulthood. Developmental Cognitive Neuroscience, 22, 48–57.

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