Dysfunction Junction: People and Money

If money were people, the type of relationship many adults have with their finances these days would put them in the category of needing some serious therapy.  A recent survey* examining the challenges, perceptions, and general mindset of 18 to 44 year-old consumers when it comes to spending and saving, and how they view their relationship with money, revealed some pretty screwy perceptions and behaviors…

man and woman wearing brown leather jackets

25% would rather spend an hour with their ex than create a budget

man wearing black headset

71% want to save money but but don’t want to sacrifice their lifestyle

slices of melon in plate placed on table

54% think it’s easier to follow a strict food diet than a monthly budget

close up photo of pink piggy bank

59% admit to failing when attempting to save more

crop concerned black woman using smartphone on street

59% cringe at the thought of checking their bank account balance

(and almost one-third of people (32%) say they actually become anxious when they check the balance of their checking or savings account)

modern smartphone in case on colorful cloth

76% believe that in order to save money, they would have to cut back spending on things that bring them joy (uh, well, yeah)

unrecognizable woman with flying hair

65% prefer to stay in denial and say they should save more but are so stressed about their finances that they avoid thinking about them altogether

a woman carrying a shopping bags

26% say “stress spending” is keeping them from saving money

person holding bank card

83% feel it’s important to spend money on experiences that make them happy

people drinking liquor and talking on dining table close up photo

61% admit the fear of missing out (FOMO) has them spending more money than initially intended

crop cleaner in rubber glove wiping toilet rim

33% would rather deep clean their bathroom than check their savings account


focused male in outwear typing credentials of credit card on smartphone

35% of respondents said they immediately regretted a credit card purchase.

a person holding dental equipment

24% say they would rather go to the dentist than share their credit history with their partner.

crop focused asian woman using laptop and making online transfer

36% of respondents said they bought something on their credit card they could not afford but didn’t want to wait for.

person s hand showing text messages on cellphone

And finally…  22% of Americans Would Rather Let Someone See Their Text Messages Than Their Credit History

*Fidelity’s 2022 Money Mindset study and Upgraded Points Survey

source | source | source

Contributor: BigEffingMess