Do spenders or savers have happier lives?

This story version has been formatted as an on-air script for broadcast outlets. See the original research story here.

ARE YOU A ‘SPENDER’ OR A ‘SAVER’? 

WELL, A NEW STUDY SUGGESTS ‘SPENDERS’ MAY BE HAPPIER WITH THEIR LIFE, BUT ‘SAVERS’ ARE WISER.

THE POLL OF 2,000 AMERICAN SHOPPERS FOUND 56% OF AMERICANS CONSIDER THEMSELVES TO BE “SPENDERS” — PEOPLE WHO SPLURGE FOR THINGS THEY REALLY WANT, WHILE 34% IDENTIFIED THEMSELVES AS “SAVERS” WHO WON’T SHOP UNTIL WHAT THEY WANT GOES ON SALE.

CONDUCTED BY ONEPOLL ON BEHALF OF CITIZENS PAY, THE SURVEY FOUND THAT COMPARED TO SAVERS, SPENDERS WERE ALSO HAPPIER WITH THEIR RELATIONSHIPS (78% AND 63%, RESPECTIVELY), WORK LIFE (78% AND 57%, RESPECTIVELY) AND PERSONAL LIFE (77% AND 71%, 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%

Survey methodology:

This random double-opt-in survey of 2,000 American shoppers was commissioned by Citizens Pay between September 7 and September 9, 2023. It was conducted by market research company OnePoll, whose team members are members of the Market Research Society and have corporate membership to the American Association for Public Opinion Research (AAPOR) and the European Society for Opinion and Marketing Research (ESOMAR).