The age-old debate around living lavishly, being frugal, making prudent financial choices, and sticking to essential spending will persist in the world of personal finance. Amid this ongoing conflict of ideas, a recent study of American shoppers offers an intriguing perspective: It suggests that those who identify as “spenders” tend to experience greater happiness in their lives, while those who align themselves with the “spender” The saver camp is often associated with financial wisdom and prudence.
According to The New York Post, The survey of 2,000 U.S. shoppers found that 56% of Americans consider themselves “spenders,” splurging on things they really want, while 34% identify themselves as “savers,” who don’t ‘won’t buy until what they want goes on sale or becomes a necessity. Meanwhile, 10% said they were neither type of buyer. Perhaps unsurprisingly, spenders spend more money on non-essential items in a given week, nearly double what savers spend ($621, compared to $348). In turn, savers spend a smaller share of their total income on non-essential purchases than their spending counterparts (18%, compared to 22%).
The news portal further reported that, compared to savers, spenders were also found to be more satisfied with their relationships (78% and 63%, respectively), their professional lives (78% and 57%, respectively) and their personal life (77% and 63%, respectively). 71%, respectively). Interestingly, spenders were also more satisfied with their financial lives than savers (73% and 56%, respectively).
However, by saving and investing wisely, one can achieve financial independence and reduce dependence on others or debt. This freedom can improve everyone’s quality of life and reduce stress. The study also supports this notion, indicating that savers may have an advantage when it comes to financial management, with only 29% of their total annual income allocated to miscellaneous purchases, compared to spenders who use 38% of their income.
According to New York Times, Commissioned by Citizens Pay and conducted by OnePoll, the research also found that 59% “often” and “always” think about the financial impact of large purchases before deciding whether they are worth buying. And despite their propensity to spend, spenders are more likely than average to consider the financial impact of a large purchase (61%).
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