Outgoing People Spend More on Luxuries
Among low income people, extroverts spend more money on luxury items than introverts, according to a study conducted by researchers at the University College of London in the United Kingdom. The study, which was published in Psychological Science, used data from UK bank accounts to examine the spending habits of people of different income levels and personality types.
Earlier studies have suggested that social status is more important to people who are more outgoing and sociable. According to the researchers, people in lower income brackets often feel they have a lower status in society and may attempt to compensate by spending a higher percentage of their money on goods and services perceived to have higher status.
Researchers hope this information can be used to help identify people who are increased risk for financial hardship.