Over half say looking at dream purchases makes
it easier to be smart with money
GREENWOOD VILLAGE, Colo., May 16,
2024 /PRNewswire/ -- The average American spends nearly two
and a half hours a day dreamscrolling – looking at dream purchases
or things they'd like to one day own, according to new research
from Empower, a leader in financial planning, investing, and
advice. Time is Money to many people, and a majority (71%) say
dreamscrolling is time well spent, as the habit motivates them to
reach their financial goals.
In a year, that amounts to about 873 hours or nearly 36 days
spent scrolling on the phone or computer. Gen Zers spend the most
time dreamscrolling at just over three hours per day, while Boomers
spend the least, clocking in around an hour. Half of
respondents say they dreamscroll while on the job, and of those, 1
in 5 admit to spending between three and four hours a day
multitasking while at work.
Americans say looking at dream purchases makes it easier for
them to be smart with their money (56%), avoid making unplanned
purchases or going into debt (30%) and better plan to achieve their
financial goals (25%). Nearly 7 in 10 see dreamscrolling as an
investment in themselves (69%) and an outlet for them to envision
what they want out of life (67%). Forty-two percent spend time
picturing their ideal retirement, such as age, location and monthly
expenses.
More than half (56%) currently have things left open in tabs and
windows or saved in shopping carts that they'd like to purchase or
own in the future. For those respondents, they estimate it would
cost about $86,593.40 to
afford everything they currently have saved.
Other findings:
- Stacking up: 34% say they've purchased less things
on their dream list than they should at their age, with Millennials
feeling the most behind (39%). Top economic factors that may be
holding some Americans back include rising prices (54%), inability
to save money (29%) and growing debt (21%).
- Economy effect: More than 2 in 5 respondents say they
spend more time dreamscrolling when the economy is uncertain
(43%).
- Dreaming big: Half of Americans say they are
spending more time dreamscrolling now than they did in previous
years (45%) and plan on buying something on their dream list before
this year wraps (56%).
- Scroll on: 1 in 5 respondents look at homes or
apartments (21%), and a quarter search for vacation destinations
(25%), beauty or self-care products (23%) and items for their pets
(19%). Others spend time looking at clothing, shoes and accessories
(49%); gadgets and technology (30%); and home décor or furniture
(29%).
- Making it: While 65% are optimistic they'll be able
to one day to buy everything on their list, nearly 1 in 4 say they
don't think they'll ever be able to afford the majority of items
(23%).
More than half (51%) say owning their dream purchases would make
them feel more financially secure, which may be why close to half
say working with a financial professional would help them reach
their goals (47%).
Visit The Currency™ to read Empower's full research
report, "Dreamscrolling."
*ABOUT THE STUDY
The Empower "Dreamscrolling" study is
based on online survey responses from 2,000 Americans ages 18+ from
March 28-31, 2024. It was conducted
by market research company OnePoll, whose team members are members
of the Market Research Society and have corporate membership
to the American Association for Public Opinion Research (AAPOR) and
the European Society for Opinion and Marketing Research
(ESOMAR).
ABOUT EMPOWER
Empower, a leader in financial planning, investing, and
advice, is dedicated to creating financial freedom through people
and technology. It administers approximately $1.6 trillion in assets for more than 18.6
million individuals1 and is the nation's second-largest
retirement plan recordkeeper.2 Connect with us on
Empower.com, and subscribe to The Currency™ for the
latest money news and views shaping how we live, work and play.
Media contacts:
Rebecca
Rickert Rebecca.Rickert@empower.com
Katelyn Kwiatkowski
Katelyn.Kwiatkowski@empower.com
1 As of May 2, 2024.
Assets under Administration (AUA) refers to the assets administered
by Empower. AUA does not reflect the financial stability or
strength of a company.
2 Pensions & Investments 2022 Defined
Contribution Survey. Ranking measured by total number of
participants as of September
2022.
Empower refers to the products and services offered by Empower
Annuity Insurance Company of America and its subsidiaries. This
material is for informational purposes only and is not intended to
provide investment, legal, or tax recommendations or advice.
The information contained herein is being provided for
discussion purposes only and does not constitute an offer to sell,
or a solicitation of an offer to buy or sell securities. All
visuals are illustrative only.
"EMPOWER" and all associated logos and product names are
trademarks of Empower Annuity Insurance Company of America.
© 2024 Empower Annuity Insurance Company of
America. All rights reserved.
RO3572562-0524
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SOURCE Empower