If you’ve ever splashed some cash and felt instant regret, you’re not alone, according to new research by comparison site Finder.
A nationally representative survey of 1057 respondents revealed that 58 per cent of Australians – equivalent to 11.6 million people – experience money guilt.
The research found 46 per cnet frequently feel remorseful towards spending money.
Concerningly, 12 per cent are always in over their heads, admitting they have no self-control when it comes to spending.
Women (75 per cent) are almost twice as likely to admit to regretful spending than men (40 per cent).
Amy Bradney-George, credit card expert at Finder, said societal pressure can often make you feel guilty about spending money on things you want rather than need.
“There’s no one-size-fits-all approach when it comes to spending money – everyone has different incomes and financial priorities.
“As long as it’s within your means, spending your hard-earned cash on something that makes you happy shouldn’t leave you filled with regret.”
Eating out (59 per cent), purchasing clothing and shoes (57 per cent), as well as beauty and skincare (31 per cent) top the list of Aussies biggest money regrets.
Grabbing a drink at a bar or pub makes 30 per cent squirm, as does lavishing out on homewares (17 per cent) and gifts for others (14 per cent).
The research shows 12 per cent have no regrets on purchases they make and enjoy spending the money.
Bradney-George said the best thing to do is create a budget.
“Budgeting is great because it helps you see how much money you can put towards ‘fun’ expenses like Netflix or brunch with friends.
“Once you’ve put money towards all the essentials, like bills and groceries, you can use what’s left to treat yourself – or save it for something bigger down the track.
“It can also make it clearer to see when something’s outside of your budget, so you can find cheaper or free alternatives.
“For example, having a picnic or barbeque could be more affordable than eating out with friends. And op-shops or online marketplaces can help you save money on clothes and shoes and be a more sustainable option.”
As we head into the year’s biggest shopping season, Bradney-George encouraged Australians to be mindful with their money.
“Black Friday is just around the corner, and is a great time to get a bargain. But focusing on what you need will help you stick to your budget and what’s affordable.
“Make a wishlist and shop around so you can be sure you’re getting the best bang for your buck – and that it’s within your budget,” Bradney-George said.
Gen Z are the most likely of all generations to experience money guilt (86 per cent), followed by millennials (69 per cent).
Baby boomers are the least likely to experience money guilt (31 per cent).
