Many adults under 35 have stopped playing it safe with money. Instead of banking as much of their pay as they used to, they’re saving less, spending more, and pursuing passion projects or risky careers. A recent study found that 45 percent of people aged 18 to 35 “don’t see a point in saving until things return to normal.”

One 27-year-old said she was prudent about almost everything until the end of last year, when she had an epiphany: “I don’t want to spend my life being so careful and cautious.” Another young adult cited the shaky state of the world. “I’m not going to deprive myself some of the comforts of life now for a future that feels like it could be ripped away from me at any moment … I’m going to spend my money now.”

Many younger adults say the isolation of pandemic life triggered the decision to enjoy the moment, no matter the financial consequences. For others, the motivation has come from worries over climate change, Russia’s invasion of Ukraine, domestic political instability, soaring inflation, through-the-roof housing costs, and a topsy-turvy stock market.