If saving money feels like an uphill battle and you can’t remember the last time you looked at your bank account without wincing, you’re not alone. Figuring out how to do things like invest your money and stay on track with a budget can be be challenging, especially when fab new Fenty beauty products are calling your name. Now fresh research suggests that your money woes might not be all your fault — just blame your personality.
A new study published in Psychological Science delves into the spending habits of low-income people. Researchers from the University College London School of Management discovered that a low-income person’s introverted or extroverted personality type can be an important factor in their spending decisions. When the researchers looked at financial records from 718 bank customers in the United Kingdom, they discovered that extroverted customers spent more on luxury items — think spendy vacations and fancy electronics — than introverts did.
The researchers speculate that luxury items might connote a level of public cachet that extroverts are hunting for. Introverts, on the other hand, seem okay to pass on these visible symbols of social status. The researchers are hoping their results might help guide low-income people as they make major money decisions. So, broke extroverts of the world, the next time you feel a hankering for a spending spree, double-check that it’s not your bubbly personality trying to sabotage your credit score!
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