More Than Half of Americans Are Reckless Spenders — Are You?

If you have a bad habit of impulse shopping or overspending, you are not alone. A new survey from Clever Real Estate indicates that almost three-quarters (74%) of individuals reported overspending, and over half (55%) said they spend recklessly. Overspenders admit to buying things they immediately regret, and many blame their spending habits on the high cost of living .

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Luckily, there are ways to curb bad spending habits. The key to this is understanding how you spend money and finding ways to save. Are you like more than half of Americans who say they are reckless spenders? Find out what makes someone a bad spender and the common money mistakes many people make .

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What Are American Spending Habits?

According to the Clever Real Estate survey, over half of the respondents admitted to reckless spending. These spending habits were in spite of “predictions of a recession from economists,” as noted in the report.

Many people, however, blamed their recklessness not on bad spending habits but rather on external factors. More than half (56%) of those surveyed said their spending would not be a problem “if the economy were better,” and 61% said their spending habits wouldn’t be problematic if “prices weren’t so high.”

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How Does Age Affect Spending?

Overspending varied greatly between generations. Baby boomers were less likely to report having an overspending problem than millennials and Gen Zers. As reported in the survey, just 56% of boomers identified an overspending problem, compared to 86% of millennials and 87% of Gen Zers.

What Do People Think About Their Spending Habits?

Most respondents not only identified bad spending habits but also felt regret or shame about purchases. A surprising 45% noted they had “cried over their spending habits.” More concerning, 13% of people said they cry at least once a week over their spending habits, and 16% said their bad habits have “ruined their lives.”

What Are Common Regrets People Have About Their Spending?

Buyer’s remorse was a real issue for many of the respondents. About 78% of people noted they make “purchases they immediately regret.” Other common regrets include spending money that they should be saving, purchasing too much with a credit card, and spending more than they earn.

What Do People Overspend On?

Respondents indicated that they spent recklessly in several areas. One of the most common areas where people admitted overspending was dining out. Another area where people felt that they overspent was online shopping, with 42% reporting they overspent in that category. About 39% reported overspending on clothing, and 27% said they had an overspending problem with beauty products.

What Are Problematic Spending Habits?

The good news for many overspenders is that there are ways to overcome bad habits. Identifying problematic spending is key to curbing the behavior. Overspenders frequently purchase things they don’t need or admit to impulse shopping. Almost 80% of those surveyed said they spend money on things they don’t use.

Overspenders, particularly millennials and Gen Zers, said they subscribed to a service they rarely used or bought an item simply because it was on sale. Nearly 1 in 5 Gen Zers admitted to buying an item every week that they don’t use.

Reckless spenders also said they don’t track their spending, spend more than they earn and fail to compare prices when shopping. With awareness, however, each of these common financial mistakes can be corrected or avoided altogether.

Which Steps Do People Take To Correct Bad Spending Habits?

Despite concerning spending habits, many people believe they can make necessary changes to help improve their financial situations. About a third of those surveyed said they used cash or debit cards instead of credit cards, and 44% said they had monitored their spending. Other strategies implemented by people working to improve their spending habits include using a shopping list, going out less, creating a budget and paying off their credit card bills in full each month.

This article originally appeared on GOBankingRates.com : More Than Half of Americans Are Reckless Spenders — Are You?