“Wealth consists not in having great possessions, but in having few wants.”
On certain occasions, frugality is considered a negative characteristic because of the extent that some will go not spend money. But is there more to why some people are more frugal than others?
Sometimes, an individual’s circumstances or events that happen to us and society can impact our relationship with money. For instance, covid-19 has affected the UK’s spending habits, with people spending less during the pandemic because of the extra financial constraints caused by the pandemic. According to the Office for Statistics (ONS), in the UK during the COVID-19 pandemic, there was a decrease in spending by households with an average of £109.10 (or 19%) a week. Throughout the year to March 2021, households spent less on supplies and services when restrictions were in place to manage the spread of coronavirus.
