A new study suggests ‘spenders’ are happier with their life, but ‘savers’ are wiser. What happens if you’re both?
The poll of 2,000 shoppers found that 56% of adults consider themselves to be “spenders” — splurging for things they 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 what savers spend ($621, compared to $348).
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 lives 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.
TOP FACTORS CONSIDERED FOR BIG PURCHASES
- How long it will last – 61%
- How often it will be used – 57%
- Am I getting the best price/deal – 55%
- What warranties it comes with – 52%
- What it will be used for – 45%
- How necessary it is right now – 32%
- Financing or pay-over-time options – 30%
- How it will impact my budget – 30%
- If it will improve my lifestyle/livelihood – 26%
- If it will improve my health – 20%
- How often it goes on sale – 18%