Spenders or savers? Research reveals who has a happier life
- 6 months ago
A new study suggests "spenders" are happier with their life, but "savers" are wiser.
The poll of 2,000 American shoppers found 56% of Americans consider themselves to be “spenders” — splurging for things they really want, while 34% identified themselves as “savers” who won’t shop until what they want goes on sale or becomes a necessity.
Meanwhile, 10% didn’t claim to be either kind of shopper.
Perhaps unsurprisingly, spenders were found to spend more money on non-essential items during any given week by nearly double of what savers spend ($621, compared to $348).
In turn, savers were found to set aside less of their total income towards non-essential purchases than their spender counterparts (18%, compared to 22%).
Compared to savers, spenders were also found to be happier with their relationships (78% and 63%, respectively), work life (78% and 57%, respectively) and personal life (77% and 71%, respectively). Interestingly, spenders were also happier with their financial life than savers (73% and 56%, respectively).
But savers might have the upper hand when it comes to managing their money — only 29% of their total annual income is used on miscellaneous purchases, while spenders are using up 38% of their income.
Commissioned by Citizens Pay and conducted by OnePoll, the study also found 59% “often” and “always” think through the financial impact of big purchases before deciding if they’re worth buying. And despite their proclivity for spending, spenders are more likely than average to consider the financial impact of a big purchase (61%).
The items people think through and research the most are personal electronics (59%), vehicles (50%) and vacations (40%). For 32% of spenders, fitness or recreation equipment is a highly considered purchase, whereas 34% of savers are likely to do their homework before purchasing household appliances.
Before making big purchases, respondents often consider how long the purchase will last them (61%), how often it will be used (57%) and if they’re getting the best price (55%). Three in 10 consider the availability of financing or pay-over-time options before making a big purchase.
Big purchases were then defined as “any purchase” that exceeds $1,762, on average, and many of those purchases warrant nearly 12 hours of research beforehand. On average, people will postpone their big purchase decisions 17 days to wait and see if it goes on sale.
Results found some universal commonalities for all shoppers, as well.
Over a third (37%) said they plan out their budget on a weekly basis, with 9% doing it daily. Two in three of these budgeters claim they’re “strict” with their spending plans.
Many respondents shared similar personal financial goals, including building a retirement plan (53%), building an emergency fund (52%), building an investment portfolio (47%) and affording a home (41%).
The poll of 2,000 American shoppers found 56% of Americans consider themselves to be “spenders” — splurging for things they really want, while 34% identified themselves as “savers” who won’t shop until what they want goes on sale or becomes a necessity.
Meanwhile, 10% didn’t claim to be either kind of shopper.
Perhaps unsurprisingly, spenders were found to spend more money on non-essential items during any given week by nearly double of what savers spend ($621, compared to $348).
In turn, savers were found to set aside less of their total income towards non-essential purchases than their spender counterparts (18%, compared to 22%).
Compared to savers, spenders were also found to be happier with their relationships (78% and 63%, respectively), work life (78% and 57%, respectively) and personal life (77% and 71%, respectively). Interestingly, spenders were also happier with their financial life than savers (73% and 56%, respectively).
But savers might have the upper hand when it comes to managing their money — only 29% of their total annual income is used on miscellaneous purchases, while spenders are using up 38% of their income.
Commissioned by Citizens Pay and conducted by OnePoll, the study also found 59% “often” and “always” think through the financial impact of big purchases before deciding if they’re worth buying. And despite their proclivity for spending, spenders are more likely than average to consider the financial impact of a big purchase (61%).
The items people think through and research the most are personal electronics (59%), vehicles (50%) and vacations (40%). For 32% of spenders, fitness or recreation equipment is a highly considered purchase, whereas 34% of savers are likely to do their homework before purchasing household appliances.
Before making big purchases, respondents often consider how long the purchase will last them (61%), how often it will be used (57%) and if they’re getting the best price (55%). Three in 10 consider the availability of financing or pay-over-time options before making a big purchase.
Big purchases were then defined as “any purchase” that exceeds $1,762, on average, and many of those purchases warrant nearly 12 hours of research beforehand. On average, people will postpone their big purchase decisions 17 days to wait and see if it goes on sale.
Results found some universal commonalities for all shoppers, as well.
Over a third (37%) said they plan out their budget on a weekly basis, with 9% doing it daily. Two in three of these budgeters claim they’re “strict” with their spending plans.
Many respondents shared similar personal financial goals, including building a retirement plan (53%), building an emergency fund (52%), building an investment portfolio (47%) and affording a home (41%).