In Virtue/Vice, Dr. Christine B. Whelan blogs about news, books, scientific and psychological research and her general musings about virtue and vice in our everyday lives.
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Material Girls Get Thrifty
The Great Recession has made young women thrifty, according to a telephone poll commissioned by Citi.
Young women are more likely than older women to have changed their spending habits: Nearly half of women aged 18-39 years old told pollsters they are increasing the amount of money they save or invest, compared to 29 percent of those over 40. And young men are less likely to be thrifty on big-ticket items than the ladies.
Reports The New York Post:
The national telephone survey of 2,002 men and women, conducted in March by Hart Research Associates, also found that more than 40 percent of women ages 18-39 said that the economic downturn taught them to value “family, friends and quality of life over material goods.”
Maybe it’s because girls have learned one of my favorite (crass) spins on personal finance: Don’t break the seal.
You know the saying about not “breaking the seal” when you’re drinking — because you’ll be going to the bathroom all night long after that? Well, research shows that it’s actually true with spending: Buying one thing — even one small thing — tends to open the floodgates for more purchases. Now there’s some old-fashioned thrift advice with a Millennial spin.