The Trophy Culture and their Money

“People are having to make sacrifices ranging from not dining out as much, to canceling streaming services, to not being able to travel.”   -Financial expert on 2022 looming recession

For Americans who were taught as children that things will ultimately work out their way, these types of sacrifices can apparently be quite traumatic.  And if money were people, the type of relationship some 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 skewed perceptions and behaviors…

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

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

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

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59% admit to failing when attempting to save more

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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)

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

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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

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

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

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

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


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

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53% said they have cried over their finances in the past year**

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

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

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

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But there is good news: Twenty percent of people learned the skills to turn things around…One-fifth of respondents in the survey** created a financial plan to tackle the issue that brought them the most stress.

You guys get a trophy. Bam!

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

**Lending Tree survey

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Contributor: BigEffingMess