The credit crunch seems to changing many people’s attitude to shopping and saving. The end of easy credit means you now have to save for a high-value item, such as a holiday, a new TV or a car, and most people have no problem with that.

More than three-quarters (77%) of Britons agree that paying for a high-value item is more satisfying when they have saved for it, than when it was  purchased spontaneously using borrowed money, according to a survey by Yorkshire Bank/Clydesdale Bank.

Even more (84%) cherish or enjoy items that they have saved for more than items bought with borrowings.
 
"You would assume we all prefer instant gratification to the perceived pain of waiting to fork out in full for a summer holiday or new TV.  But more generally the opposite is true,” said psychologist Phillip Hodson.

“It is a well known psychological trait that delayed gratification can generate a deeper sense of happiness - we might call it ‘saver satisfaction' or the ‘joy of thrift' - than buying on whim.  Yearning makes the heart grow fonder.

"Most big item purchases, like cars and fancy music systems, lose their novelty fairly quickly, even more so if they go wrong.  But items which we have dreamed of being able to own for a long period create a stronger emotional bond which is much more difficult to break.  Even if the purchase was less than a bargain we remain invested in it.  The sense of achievement that comes from the discipline of saving also makes us feel morally stronger and in greater control.”
  
The credit crunch has affected most British consumers: 73% of people surveyed agreed that they were more careful with their money than 12 months ago, and 50% said they were more likely to save their disposable income before purchasing a high-value item than they were 12 months ago.

"It seems people are finding that a more prudent approach to managing their finances brings greater rewards and satisfaction than the days of cheap credit and ‘buy now pay later'.  The current market conditions are great for savers, so we're encouraging our customers to look at the many savings options which offer generous interest rates,” said Gary Lumby, Head of Retail Banking at Yorkshire Bank.

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