One Click Shopping – Give Yourself a Gift Everyday

This decade has had a start unlike many others. Although the COVID-19 pandemic has altered the way we do almost everything in our day-to-day lives, more than anything, the pandemic has highlighted the extent to which we are in a Digital Era. More people than ever are working from home, and many have transitioned to online purchasing for their everyday needs. From groceries and take-out food, to furniture and exercise equipment, the demand for high-speed deliveries is larger than ever.

In addition to providing daily necessities, online shopping has also allowed us to make almost instantaneous purchases of non-essential and luxury goods. Although online shopping has long been an option for consumers, many people note that during a pandemic, when socializing and in-person activities are limited, the instant gratification of making online purchases has brought excitement and entertainment into people’s otherwise mundane routines. Further, endlessly scrolling through your favourite store’s website may seem to offer a much-needed distraction from the anxieties and stresses of living through a global pandemic.

As we pass the first anniversary of COVID-19, what are the consequences of such easy access to spending? What lessons are being taught to current generations about wealth and sustainability?

This pattern of scrolling and buying will quickly become unsustainable and can lead to a depletion of the savings you have worked so hard for. The pandemic has illustrated the uncertainty of our lives, and despite the appeal of online shopping, we should be seeing the value of financial security now more than ever.

Furthermore, according to psychologists, online shopping can quickly lead to addiction-like cycles of impulsive buying. Online shopping can become an outlet for feelings of stress brought on by the pandemic, which can lead to that behaviour becoming compulsive. As such, excessive online shopping can not only impact people’s financial stability, but also their mental health.[1]

At Legacy Family Office, we are committed to helping you and your family make the best financial decisions for your future, and that of upcoming generations. Not only can we help you learn healthy habits in order to preserve your wealth, but we can also give you the tools to raise smart inheritors and responsible shoppers.

To discuss your finances and how you can start planning for the next unexpected crisis, contact us.

[1] Norberg, M., & David, J. (2021, January 14). How to know if your online shopping habit is a problem – and what to do if it is. Retrieved February 23, 2021, from https://theconversation.com/how-to-know-if-your-online-shopping-habit-is-a-problem-and-what-to-do-if-it-is-143969