Americans spend money to find joy. Then comes the guilt

Key Points:

• Despite rising credit card debt and cost of living concerns, 72% of Americans feel guilty when spending on things that bring them joy, especially when these purchases conflict with other financial goals, according to a YouGov survey for Ally Bank’s Cost of Life Today report.
• The average U.S. adult scored 54.2 on Ally’s "Joy Index," indicating financial pressures are making joy harder to access, with 77% of consumers occasionally reducing or delaying spending on joyful experiences.
• Consumers with a "joy mindset," who appreciate everyday moments, report higher joy levels regardless of income, but higher earners experience less financial and emotional friction in achieving joy, highlighting ongoing economic inequality.
• Guilt around spending on joy is most prevalent among women and younger generations, particularly millennials and Gen Z, who often balance joy spending with uncertainty about the future, while baby boomers report the highest joy and lowest guilt.
• Americans prioritize spending on social connections and experiences, often cutting back on dining out, retail, entertainment, and travel to maintain these, with vacations and having leftover money after bills considered top luxuries, though time with family brings the most joy.