'Save to spend' culture on the rise

15/08/2008

Britain's "spend now, pay later" culture is on the wane, the Yorkshire Bank suggested today.

According to the firm, three in four people now feel that saving up for a high-price item, rather than buying it on credit, is "more satisfying".
This total went up to 84 per cent for purchases made on the spur of the moment.

Commenting on the new survey, psychological expert Phillip Hodson said: "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.

"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."
Kevin Still, EuroDebt's director, added: "For people in financial difficulty budgeting for large annual expenses, like the car service or getting it through the MOT, are crucial.

"For many families just thinking about paying off their summer holiday and equipping the kids for school in September this can create major cash flow problems when several big costs hit at the same time."

Tags; Credit Card Lifestyle,

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