National Saving’s Day is Friday, Oct. 12.
American’s have struggled to save money and TopCashBack conducted a survey to see how open people are as to how they spend their cash.
A survey found that 94 percent of Americans are willing to disclose how much they spend when their item was on sale. 66 percent of Americans are willing to share how much money they spent on big-ticket items.
Whether consumers are saving or spending, they are not afraid to talk about their financial feats.
“Americans have a unique relationship with finances and spending,” said Chelsea Hudson, Personal Finance Expert at TopCashback.com. “They have an urge to splurge but typically frown upon frugality and financial transparency since it is a social taboo. Overspending just to avoid a stereotype is a recipe for financial disaster.”
However, the biggest purchases consumers tend to keep to themselves include a date (23 percent), an engagement ring (18 percent), and a party (17 percent).
Below is a graph on how transparent consumers were when saving or splurging.
|Top Transparent Purchases:||Top Transparent Savings:|
|Automobile 72%||Tech 67%|
|House 57%||Clothes 67%|
|Holiday/Travel 55%||Automobile 67%|
|Tech 53%||Accessories (handbag. shoes, sunglasses) 61%|
|Accessories (handbag, shoes, sunglasses) 61%||Groceries 58%|
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