22 Hrs
Source:
الراي
Heart over mind in Kuwaiti consumption
The article addresses the phenomenon of excessive consumption in Kuwaiti society, which has transformed into a social identity rather than just individual behavior. This shift is driven by social pressures and the ease of financing. Data indicates that the total credit facilities for residents reached 54.141 billion Kuwaiti dinars, including 20.052 billion dinars in personal loans, primarily used to finance direct consumption such as cars, travel, and electronic devices, with an annual growth rate exceeding 3%, despite the government's budget deficit of 7.141 billion dinars. The article highlights that this phenomenon results from a cultural and educational environment, along with marketing regulations and financial ease, leading families into unsustainable debt and threatening their long-term economic stability. It presents an educational perspective based on Islamic principles and proposes solutions such as financial literacy, pre-approval warnings on loans, promoting responsible commercial practices, and media awareness campaigns, all aimed at balancing consumption and savings and reducing economic and social repercussions.
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