Spenders shame: 11.9 million Aussies feel financial guilt
Millions of Australians are at odds with how they spend their money, according to new research by Finder.
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A Finder survey of 1,013 respondents revealed 3 in 5 Australians (57%) – equivalent to 11.9 million people – experience money guilt because of purchasing decisions.
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Nearly half (48%) admit they feel guilty sometimes, while 9% say they feel guilty every time they shop because they have no self control when it comes to spending.
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Of those who feel ashamed about their spending, half (51%) admit that eating out and clothing/shoe purchases triggers it, while 1 in 4 (25%) feel guilty about forking out for drinks at pubs or bars or beauty products.
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Travel (16%), events (16%) and taxis/ubers (16%) are other common guilt-inducing expenses.
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Sarah Megginson, personal finance expert Finder, said the pressure to be frugal was ever-present thanks to the cost of living crisis.
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"Many households are struggling to make ends meet so any kind of impulsive spending can trigger regret.
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"It's very common for consumers to feel guilty spending money and this feeling is usually the result of a lack of planning."
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Megginson said to combat this, it's ideal to lower your chances of making impulse purchases, which starts with setting (and sticking to) a budget.
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"This way, you give every dollar you earn a specific job.
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"It's a good idea to think about the longer-term gain of saving more money versus the short-term benefits of the new outfit or dinner out with friends.
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"It might only be $50 here and there, but if you can save that amount just twice a month, you'll have over $1,200 saved in a year.
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"When online shopping, try to add to cart and then leave the item for 24 hours, to give yourself time to decide if you really want it – or if you were just chasing a dopamine hit."
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Megginson said a good rule of thumb is that 10% of your pay cheque should be reserved to spend however you want.
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"Some dollars go towards bills, others go towards goals, and there's always a portion of each pay cheque that's for splurging.
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"So if you want to buy yourself a reward raman or have a blow out night with your mates, there are funds for that that you can enjoy guilt-free."
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Finder's research found just 17% of Aussies enjoy spending money shame-free.
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| Do you ever experience 'money guilt' (i.e. feeling guilty for purchasing something after the fact)? | |
|---|---|
| Yes, sometimes – but I'm careful with my money most of the time | 48% |
| Yes, always – I have no self-control when it comes to spending | 9% |
| No, I'm very diligent when it comes to my spending | 26% |
| No, I like to spend my money and not feel guilty about it | 17% |
| Source: Finder survey of 1,013 Australians, September 2024 |  |
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| What do you feel 'money guilt' about? | |
|---|---|
| Eating out | 51% |
| Clothing and shoes | 51% |
| Drinks at bars/pubs | 25% |
| Beauty and skincare products | 25% |
| Travel | 16% |
| Events (concerts etc) | 16% |
| Ubers/taxis | 16% |
| Gifts for others | 15% |
| Homewares | 12% |
| Other | 7% |
| Gifts/accessories for my pets | 2% |
| Source: Finder survey of 577 Australians who experience money guilt, September 2024 | |
Methodology
- Finder's Consumer Sentiment Tracker is a monthly recurring nationally representative survey of more than 60,000 respondents.
- Figures in this release are based on 1,013 Australians respondents from September 2024.
- The Consumer Sentiment Tracker is owned by Finder and operated by Qualtrics.
- The survey has been running monthly since May 2019.
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Sources
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