Economic downturns have led to a rise in frugal behavior as individuals seek to make smart choices amidst challenging circumstances. Our study reveals how external forces can trigger frugality, but personal beliefs and values can also play a significant role.
The study goes beyond the surface and taps into the world of money perception and financial management.
With percentages ranging from concerned (78.2%) to not concerned (6.4%), the corresponding mean scores highlight the correlation between financial consciousness and frugality. The results are intriguing: individuals who express concern about financial matters showcase higher levels of frugality. These financially mindful respondents attained an impressive Frugality Scale (FS) score of 36.84, in contrast to others who scored 30.86.
The findings mirror the idea that financial frugality isn’t just about dollars and cents—it’s about cultivating a thoughtful relationship with money. When we consider inflation, expenses, and high prices, we’re more likely to make resourceful and mindful decisions. It’s a fusion of money management and frugality in action.
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