YOLO; for better or for worse?

 You Only Live Once. The catchphrase of the youth seems to be catching on with everyone. It's the excuse to cannonball off a cliff and to live your life to the fullest. What could it mean in the long run? A seemingly innocent phrase is having some definite consequences.


According to RBI's latest data, the gross financial savings of an Indian household has decreased from 3.05 lakh crores to 2.59 lakh crores from 2020-21 to 2021-22. That's alot for just one year. This declining culture comes from the increasing spending on seemingly insipid things. 


In India alone, the average monthly per capita consumer spending in urban areas increased to $73 from $30 (approx). This pattern, if continued, could lead to serious economic issues, as the citizens would not be able to afford the basic necessities.


The YOLO mentality has also lead to young people climbing atop dangerous structures and ignoring safety guidelines. Is the photo really worth risking your life?


Among more recent trends, more people have begun taking out personal loans to go on vacation, to not 'waste' personal savings. HDFC Bank now offers travel plans at 10.5% interest with repayment tenures up to 60 months. While it may seem like a smart decision at first 


With such high interest rates, it may be difficult to pay back the money. This causes financial stress. Due to this culture people might start relying on credit rather than saving and budgeting, leaving them with lesser money in the long run, impacting both ability to run and start businesses and ability to buy from businesses too. This can negatively affect the entire economy.


This could be a huge problem for India's developing economy in the long run, impacting gdp, gross output, trade etc. Is YOLO really the excuse to cover up insecurities about inaffordibility and social media trends? Should we be making it one?

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