A lot of people have been going through financial hardships due to the pandemic, but, according to a new poll, that’s not necessarily stopping folks from spending money on things they enjoy.
A new Magnify Money poll finds:
- 70% of consumers have spent money on at least one vice during the pandemic.
- 38% of users dipped into their savings to cover their vices.
- On average, folks spent $946 on vices in 2020.
- Common vices folks spent money on include:
- Alcohol (45%)
- Cigarettes and vape pens (27%)
- Adult entertainment (9%)
- Other vices include: drugs, gambling and lottery tickets.
- But not everyone spent money on traditional vices. When asked if folks spent money on other things they consider vices, responses included:
- Snack food
- Online shopping
- Streaming subscriptions
- Video games
- Write-in vices included:
- “A quart of peanut butter ice cream”
- “Frivolous stuff”
- “Kickstarter campaigns and online shopping sprees”
- Adult entertainment was something 216% of men, and 28% of those laid off or furloughed spent more money on than they did prior to the pandemic.
- With money tight for many people, 45% of folks admitted they felt guilty about spending their money on vices.
- 33% of those who were laid off or furloughed actually went into debt for their vice.
- And all this spending caused some major family problems, with a third of those who spent money on their vices saying it lead an argument with their loved one.
Source: Magnify Money