With many things in life there are potential positives and negatives, and it seems that’s true of scrolling on phones or computers when it comes to financial goals.
Just as there is ‘doomscrolling’ where people spend long periods of time looking at mostly negative news content on their devices, there is also ‘dreamscrolling’ according to a new report from Empower, and this is potentially far more positive.
The firm’s research found that the average American spends 2.5 hours a day dreamscrolling, or looking at pictures of things they would love to own one day. The practice ranges from 1 hour for Boomers to three hours for Gen Z. And this could be a key motivator to adopting good financial habits.
Survey respondents said that spending the time, which works out at 36 days a year, focusing on what they want to buy 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%).
They also see it as investing in themselves and their lifestyle and even helping them imagine their ideal retirement.
For some, dreamscrolling includes leaving open tabs with pictures of their desired purchases, with an average total value of more than $86K. Overall, 65% of respondents are optimistic about their ability to one day to buy everything on their list, but almost a quarter say they don't think they'll ever be able to afford most of the items.
While younger Americans may have the most hope of buying all the items on their list, this optimism weakens with age and are likely to be hampered by rising prices (54%), inability to save money (29%) and growing debt (21%).
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