Tuesday, 21 July 2009 11:34
When I was browsing through a few articles this week, I found some interesting statistics on young adults and their savings habits. Check it out:
"A study by Wachovia and the Consumer Federation of America found that among all age groups, young adults ages 18 to 24 are the most likely to say they're not saving adequately (62% versus 52% for all Americans). Asked about what keeps them from saving, they're more likely than the general public to cite psychological factors: spending to feel good (54% versus 29%); social pressure from friends or family (38% versus 20%); trips to the mall (32% versus 15%), and impulse spending (53% versus 37%).” – Kiplinger.com
I currently fall at the end of the young adult age range, 24, and I can identify that it is tough to save money. With so much media out there telling us what to purchase, it’s hard not to buy stuff we don’t necessarily need. I bought a shirt a few weekends ago at the mall and regretted it afterward. I was with friends and they thought it was cute and it seemed like a good price. Even if it was a good price, did I really need another shirt? Probably not.
How often do you think you buy on impulse? What suggestions do you have for reducing impulse spending or spending to feel good?
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