A recent survey conducted last month titled Invest in Your Spending pooled about 2,800 Americans, where 54 percent listed themselves as “savers”. The survey was done, in partnership, by Acorns and CNBC, along with Survey Monkey, where a variety of women and men were polled across the United States about their money habits, where individuals ranged in age from 18 to 65+. The survey also reviewed money behaviors, the change that has occurred in this regard for many people, and the results and numbers seem very interesting.
Spending versus saving habits were quite equal when one looked across the age groups, slighting gearing towards more savers, until you hit the 35-44-year-old demographic, which has increased levels of spending; after that, the rates around savings increase along with individuals’ ages. In fact, savings rates spike when it comes to those close to retirement or seniors groups, with 63 percent of them stating they are “savers”; a mere 28 percent label themselves as “spenders”.
The survey also revealed that one-third of participants stated that they have cut spending from last year, and that rate is the same across all age groups. Reasons around spending cuts range from new debt, a loss in income, fear around a recession, large medical expenses from an illness or injury that was unexpected, and job loss. Having said that, the highest percentage around those who cut their spending was due to job loss, with the next highest reason being new debt, and the fear of a pending recession seems to also be fueling worry around spending.
Still, who is the worst when it comes to the battle of the sexes and impulse buying? Women have had bad rap from many years now, and it seems that their male counterparts are finally catching up when it comes to that “have to have it” mentality. Males are equally as likely to impulse buy, yet their purchases tend to be more money. Of the participants surveyed, 23 percent of men stated they spent over $100 during their last “impulse buy”, compared to 16 percent of women surveyed.
Lastly, CNBC advised exactly where are Americans overspending and it seems like takeout meals are at the top of the list, with 28 percent surveyed stating this was their top cost. In fact, those who did state they were spenders, relayed they spent $200 monthly on these types of meals.
Overall, the survey seemed to relay that Americans do have their spending habits under control, with very little individuals spending on tobacco and alcohol. In fact, from those who had increased their spending expenses, a little less than one-quarter, stated they did so because of a higher-paying job.
Dorathy has an economics minor from York University in Toronto, Ontario and worked for one of Canada’s largest banks. She will share her own financial tips and keep you updated on current finance news.