Have you ever wondered why are some people so stingy? U.S. researchers have been trying to find the answer for the last three years, and they conclude that it’s hardly an unusual trait with tightwads outnumbering spendthrifts by 3 to 2.
In a study to be published in the Journal of Consumer Research, they find it isn’t the cost of an item or someone’s income level that has an impact on spending. Tightwads report feeling an emotional pain when handing over their money. Spendthrifts, on the other hand, feel pleasure making a purchase.
In general, the researchers found that men are bigger tightwads than women; younger people are more likely to be spendthrifts than older people; and the more educated a person is, the more likely he or she is to cling to a dollar.
As for the difference between being a tightwad and merely being frugal, the researchers say that while stinginess is driven by pain, frugality is motivated by the pleasure of saving.