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We live in a very
materialistic world and, sadly, Nigerian society is one that
increasingly seems to favour instant gratification over hard work. With
a growing number of people living well above their means and images of
beautiful people living extravagant lifestyles, decked in expensive
designer clothing, and driving state-of -the-art cars, it is no wonder
that these images are affecting a young and vulnerable generation.

For young
Nigerians, from the minute they graduate from college or university,
the pressure is on. This segment of the population are sometimes
obsessed with the need to have an attractive car, designer clothes, a
job with a prestigious firm, and if they don’t have the money to live
“the” lifestyle, they are increasingly prepared to lease, borrow, and
in some cases will even consider doing unscrupulous things to maintain
a certain standard of living.

Without having
worked a day, some of our youth feel that they are nothing and will not
be accepted unless their appearance fits the bill; they are tying outer
image to personal value and self worth.

Where does the pressure come from?

There are a variety
of factors that drive this mindset. Parents are a major influence on a
young person’s attitude to money as they are natural role models for
their children. As money management is not routinely taught in school,
if their parents are poor money managers or exhibit an extravagant
lifestyle of over-indulgence, their children are likely to imitate
them.

The media and
advertising naturally have a huge influence on spending patterns.
Prolific advertising and product placements are so sophisticated that
you are convinced that you must acquire the product.

Many young people
interviewed however, say the greatest influence on their excessive
spending was their friends who put pressure on them to keep spending,
even when they have run out of money.

It is true that our
friends do have some influence on all of us in what we do, but it is of
grave concern if young people are being persuaded by their peers to
spend money they simply don’t have.

The trappings of
success are becoming more demanding and expensive each day.
“Necessities” now include designer handbags and shoes, trainers, the
most expensive Brazilian hair, the latest smart phone or BlackBerry, or
the largest flat screen television; and now the iPad 2 has come unto
the necessity list.

Who is paying for the shopping sprees?

This “must-have”
culture is putting pressure on parents. Who is paying for the $1,000
handbags and the first or business class tickets for a young
21-year-old youth corps member? As they strive to impress their peers
with expensive clothing, jewellery, and cars, parents are footing the
bill to help their children keep up with the “popularity contest”.
Whilst the children are still living at home, the problem can be
papered over and ignored, but when they move out into the “real world”,
they often feel a sense of entitlement and try to keep up a lifestyle
that took their parents decades to build.

Sadly, many parents
may unknowingly be jeopardising their children’s ability to succeed, by
over-funding them through young adulthood, and making it difficult for
them to fend for themselves in later life.

Overspending by
this generation has damaging implications both for consumer debt and
future savings habits and threatens their long-term financial health.
As they build up debt from overspending when they are young, it could
be a challenge for them to build wealth for their future.

At such a young
age, when they are just beginning to earn a salary and manage finances,
it is vital to start to establish a good savings habit and enjoy the
advantage that time brings to investing.

Who are the Jones?

But who are the
Joneses and why do so many people live their lives in fear of what they
think and do? No one really knows who they are, but they always seem to
set the pace for so many of us. The expression “keeping up with the
Jones’” is used widely today and dates back to 1913.

The name “Jones”
was chosen by the artist, Arthur Momand, as it was a common surname
that highlighted the common nature of social rivalry and image
consciousness. It makes reference to the desire to keep up appearances
of affluence and wealth as others around us.

The problem of
excessive spending is not limited to the younger generation; indeed
they learnt it from us. We often equate the worth of a person with what
they have acquired by way of money and material possessions, such as a
house, a car, jewellery, how often they take vacations, where their
children go to school, and so on.

If we are not able
to keep up, we then feel inferior on a socioeconomic level. It has
become a sorry way of life as it puts us in a precarious position. We
fail to recognise that there is so much about the Joneses that we
cannot see; we are thus influenced by perceptions or what we “think”
that they might have.

Keeping up with the
Joneses can creep into your life and you may have fallen prey to
spending patterns that have increased your debt. Whilst debt can be an
excellent tool when applied to acquire certain assets that are likely
to appreciate in value, funding luxuries with debt limits your choices
because you are constantly caught up paying for yesterday’s shopping
instead of securing tomorrow.

If portraying an
image of luxury is more important to you than acquiring long term
financial freedom and security, there will eventually be consequences.

Stop comparing
yourself to others. There will always be people that simply have much,
more than you do. If you constantly try to outdo them, you put yourself
under overwhelming pressure and undermine your own future financial
security.

Particularly for
young people who, with focus and discipline, have the potential to
create lasting wealth over a long time frame, it is such a waste to be
distracted by the trappings of success; they are only trappings.

Stay focused on your goals and objectives

We live in a
society where so many people appear to be competing instead of focusing
on their own goals and objectives. The good news is that, thankfully,
there are many young hard working, successful men and women who are
aggressively seeking a healthy and prosperous future through discipline
and hard work. Acquiring and maintaining long-term wealth is a process
that usually comes without short cuts.

Look critically at
your own particular situation, set your own priorities, and try to
improve yourself through self-development and education. Focus on what
is really important to you and stop worrying about the distraction of
what the Joneses are doing.

It takes courage
and a lot of self-confidence to cope with peer pressure. Too many
people learn this lesson the hard way by ending up in debt and with no
savings.

If it gives you any comfort, the Joneses are broke. If you are busy
trying to keep up with them, please stop. The Joneses are probably
trying to keep up with you!