Money News
15th August 2008
Brits discover the joys of thrift
Saving up to buy goods is more satisfying than using borrowed money, a new survey suggests.
New research from Yorkshire Bank found that 77 per cent of people find paying for a high-value item is more satisfying when they have saved for it, than when purchased spontaneously using borrowed money.
Moreover, 84 per cent of people cherish or enjoy items that they have saved for more than items purchased spontaneously with borrowings.
The discovery has come about as a result of the credit crunch which has cut the availability of credit cards and loans for consumers.
Phillip Hodson, a psychological expert, 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.
"The sense of achievement that comes from the discipline of saving also makes us feel morally stronger and in greater control."
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