May 28, 2008

Savers can find it hard to spend

Humberto Cruz wrote in the Chicago Tribune:
The traits that make for good savers, such as preferring to delay gratification and plan for the future, conspire against them becoming spenders, even when they have the means. Savers don't get much of a kick, if any, from spending. When they spend, they are wired to question whether the money would be better spent on something else—or simply saved.
The column gives some anecdotal data to support this interesting hypothesis. It would be fun to see if there is formal research which illuminates the matter further.

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