Words such as ‘flex’ and ‘YOLO’ have been actively used among people in their 20s and 30s recently. Flex is a term derived from hip-hop culture, which means ‘show off at the expense of money’ in Korea. Also, YOLO is an acronym for 'You Only Live Once', which refers to the attitude that puts the greatest importance on one's happiness in the moment and consumes something based on it. In other words, this flex phenomenon has become a kind of show-off game as it spreads through social network platforms that are mostly used by the younger generation. Furthermore, according to data released by Lotte Members, the number of luxury goods purchased by people in their 20s in 2019 increased 7.5 times compared to 2017. However, consumption trends that make excessive spending just to show off should be avoided as they could adversely affect future fiscal management. So why has this over-consumption culture spread among young people?

First, it is due to a gloomy social atmosphere that makes it impossible to plan for the future. According to the 2018 Seoul Survey released by the Seoul Metropolitan Government, 27.7 percent of the respondents said that they felt they were 'less likely' to be able to raise their social status if they tried. In fact, Internet users said, "Because there is no hope for a rise in class, frustration over this appears to be overconsumption behavior". They argue that they want to enjoy life when they are young because it is difficult to afford a single house even if they save money anyway. Second, the impact of social networks and YouTube content. According to the 2019 Hyundai Property Survey report released by U.S. stockbroker Charles Schwab, 35 percent of the 1,000 surveyed people said they overspend after seeing photos and videos that friends post on social media. The U.S. economic broadcaster CNBC attributed the phenomenon to peer pressure. This is also interpreted as FOMO (the Fear Of Missing Out), in which people are afraid to not join in what others are doing. Kwak Keum-joo, a psychology professor at Seoul National University, explained that "if we see a celebrity overspending through social networking sites, it could lead to consumption-oriented trends that follow similar products”.

The problem lies in the side effects of the ‘flex’ phenomenon. Now that the average life expectancy has surpassed 80, it is imperative to prepare for an individual’s retirement life. The result of an act of spending just for immediate gratification or ostentation can eventually return to one's own great harm. Therefore, it is important to work on long-term fiscal management by quickly correcting this over-consumption habit. Why don't start an era of JOMO (the Joy Of Missing Out) where you search wisely for individual happiness rather than FOMO who is conscious only of others and trying to be like them?