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.
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.
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.
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.
Travel (16%), events (16%) and taxis/ubers (16%) are other common guilt-inducing expenses.
Sarah Megginson, personal finance expert Finder, said the pressure to be frugal was ever-present thanks to the cost of living crisis.
"Many households are struggling to make ends meet so any kind of impulsive spending can trigger regret.
"It's very common for consumers to feel guilty spending money and this feeling is usually the result of a lack of planning."
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.
"This way, you give every dollar you earn a specific job.
"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.
"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.
"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."
Megginson said a good rule of thumb is that 10% of your pay cheque should be reserved to spend however you want.
"Some dollars go towards bills, others go towards goals, and there's always a portion of each pay cheque that's for splurging.
"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."
Finder's research found just 17% of Aussies enjoy spending money shame-free.
| 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 |  |
| 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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