Why Are Gen Z Lawyers ‘Doomspending’ Instead of Saving for the Future?

Work hard. Save your money. Buy a home. Build your career.

For generations, that was roughly the deal.

For many Gen Z Australians, it increasingly doesn't feel like one.

A new term “doomspending” is gaining traction to describe young people spending money on smaller luxuries and experiences rather than relentlessly saving towards major milestones that increasingly feel unattainable.

Think holidays, restaurants, clothes, concerts, a $10 matcha or the occasional expensive purchase.

It would be easy to dismiss it as financial irresponsibility. But the reality is more complicated.

For young lawyers and law students entering the Australian profession, the traditional career proposition has changed. Graduate lawyers can spend five years at university, enter demanding professional careers and work long hours, yet still face rents and property prices that make buying a home feel years away. That can fundamentally change how people think about money.

If sacrificing everything today no longer appears to guarantee the milestone tomorrow, spending some of that money on enjoying life now can start to feel rational.

And Australian Gen Z isn't simply giving up on saving.

ASIC's 2026 research found 91% of Gen Z have taken or plan to take action in response to rising living costs, including budgeting, reducing discretionary spending and improving their financial knowledge.

So perhaps “doomspending” tells us less about an irresponsible generation and more about a generation recalculating what success looks like.

For law firms, there may be a lesson here too.

Young lawyers aren't necessarily motivated by the same equation of salary, partnership and home ownership that shaped previous generations. Flexibility, experiences, wellbeing and having a life outside work increasingly form part of the return they expect for demanding careers.

LawUno Insight

Maybe Gen Z hasn't stopped thinking about the future. Maybe they've stopped believing they should sacrifice their entire present for it. When even a professional career doesn't necessarily make traditional milestones feel attainable, another dinner, holiday or small luxury can become more than frivolous spending. It becomes something you can actually enjoy today.

And for a profession trying to understand what the next generation of lawyers wants from their careers, that's worth paying attention to.