Are you concerned about young people’s spending habits?

An esteemed psychologist has issued a warning against girls and young women watching “haul videos.” A haul video is an Internet-posted video of a shopping spree. The “vlogger” (video blogger) reports every detail of her purchases. Sounds harmless? Apparently not. “The most popular hauls have been viewed by staggering numbers of people, even into the millions,” reports Dr. April Benson, an expert on shopping addiction. “Some of the vloggers are getting addicted to making these videos. At least one 16-year-old is currently being home schooled to allow her more time to haul more stuff, and the 7-year-old sister of another vlogger is taking an early lead in mesmerizing second-grade fashionistas. Retailers are enabling the most popular vloggers by sending them merchandise to review or giving them gift cards as compensation for showcasing their products.”


You may think your child’s shopaholism and “haul videos’ are cute. You may change your mind if you find out she can’t stop spending your money and now the world knows it before you do.

Shopping addiction specialist April Benson, Ph.D fears that, “Both the makers and the watchers of haul videos are buying into the dark, destructive, and deeply false message these videos embody: that whoever said money can't buy happiness just didn't know where to shop.” She tells how, in her book To Buy or Not to Buy: Why We Overshop and How to Stop, to demagnetize the pull to shop. The pull comes from six powerful magnets: malls and stand-alone stores, internet shopping, television commercials, television shopping channels, catalogs, and magazines.

Parents need to keep an eye on their daughters’ shopping habits. Don’t just drop the girls off at the mall to entertain themselves with their friends. It’s not a safe place for them economically or socially. It’s not easy these days, but you need to control what your children watch on television. Monitor what they look at and post online. Don’t have catalogs and shopping-oriented magazines in the house. As a result of your concern and vigilance, your child will perform better in school and handle their money better in life.

Studies indicate that the 50 million young adults in our country tend to be more optimistic about the economy than their parents. They are confident, upbeat, civic-minded, and open to change. A Pew Research Center study says that the Millennial Generation Y (currently teens and twenty-somethings) will also be the most educated generation in American history.

Unfortunately, nearly one third of people in their 20s and 30s are receiving financial support from their family and friends. College loans are partly to blame. While Americans have been trimming their credit card debt, students have been borrowing more than ever. Why? For several reasons. One reason is that college costs have increased more than 25%. Another reason is that students’ expectations and financial training need to be brought in line with reality. Amazingly, total student loan debt now exceeds credit card debt, with more than $850 billion outstanding. Students need to weigh their loans carefully and learn how to handle their money. Their future depends on it.

Heidi Clingen is a long-time resident of Stevenson Ranch. She and Samuel K. Freshman are authors of The Smartest Way™ to Save, Why You Can’t Hang on to Money and What to Do About It. They offer only their opinion, which does not constitute professional, financial, or legal advice. To receive a copy of The Principles of Financial Independence or submit questions, email them at Heidi@TheSmartestWay.com