Thrifty Brits save to beat the crunch
A large majority of British shoppers have modified their retail habits in the wake of the credit crunch, and many are finding a renewed urge to save their spare cash new research indicates.
Yorkshire Bank questioned thousands of adults to find 73 per cent of people surveyed agree that they are more careful with their money now compared to 12 months ago.
Furthermore, 50 per cent of consumers said they were now likely to save disposable income before purchasing a high-value item than they were 12 months ago.
"You would assume we all prefer instant gratification to the perceived pain of waiting to fork out in full for a summer holiday or new TV," explained TV psychological, Phillip Hodson.
"But more generally the opposite is true.
"It is a well known psychological trait that delayed gratification can generate a deeper sense of happiness - we might call it 'saver satisfaction' or the 'joy of thrift' - than buying on whim.
"Yearning makes the heart grow fonder."
British shoppers seem to agree, with 77 per cent assenting that paying for a high-value item is more satisfying when they have saved for it, than when purchased spontaneously using borrowed money.
Moreover, 84 per cent of people cherish or enjoy items that they have saved for more than items purchased spontaneously with borrowings.
"Items people are more likely to save up for which would have previously been purchased with borrowed money include holidays, a new TV or a car," added Gary Lumby, head of retail banking at Yorkshire Bank.
"However, we have found that clothes, shoes and electronic goods like computer games are still bought as spontaneous purchases with borrowed money.
"Shoppers view these items as little treats and they encompass less guilt factor than the more expensive items.
Chris O'Toole
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