00:00People are starting to feel bad. They're starting to feel guilty when they spend money on things
00:04that are fun. What happened to treat yourself? So the new research by IY Bank actually shows
00:09that 72% of Americans feel guilty about spending money on joy, things that bring them happiness,
00:16even when they can afford it. I think that disconnect is really interesting because
00:21being able to spend money on something doesn't mean that they have to feel comfortable about
00:26doing it. And of course, there's this deeply ingrained money belief that if you're saving,
00:32you're being responsible about your future. And if you're spending, something needs to be
00:37really well justified. But it's also happening at a time of when we have a lot of anxiety about
00:44cost of living, rising, about unaffordable housing, and uncertainty about economics in the economic
00:51future in America. Yeah, it's certainly a sharp turn from the YOLO days after the pandemic when
00:57everyone was going out and living their best lives and traveling everywhere. How does it break down in
01:02terms of demographics? Are young people more susceptible to this than, say, the retirees,
01:07the boomers? So older Americans, like baby boomers and older, they feel slightly more comfortable
01:14about spending, but they're still very conscious about what they're spending money on. Especially
01:20right now, I feel like a lot of people, even the older Americans, they have anxiety about retiring
01:26with a regular paycheck. So they are maybe just slightly more comfortable. And the younger adults
01:33are definitely more conscious. So people will spend money, but they just go through a lot of
01:39internal debate and stress that goes along with it. Is travel, does travel get caught up in this?
01:43Because for so long, people were saying they will bypass the small treats, but they will put their
01:47money into experiences like travel. Actually, yeah. We talked to a few people in planning their
01:54travels, planning their leisures, and they mentioned that traveling and having that experience that they
01:59think is really worth it is probably better than maybe just spending money on a weekend out on a night
02:05with night out having dinner. I think people, it's the trick that they use is that they plan out a
02:12budget
02:12each month so that they have a designated money in their in their savings or in their portfolio
02:19that's for fun specifically so that they feel a bit less guilty about it.
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