In this article
Among people under 50, 64% of savers keep a budget, compared with 37% of spenders.
Explore the data
| Group | Share of people under 50 who keep a budget, and who keep one and stick to it every month (2023) |
|---|---|
| Savers who keep a budget | 64% |
| Spenders who keep a budget | 37% |
| Savers who stick to it every month | 45% |
| Spenders who stick to it every month | 8% |
Source: T. Rowe Price, Retirement Savings and Spending Study, as of 2023.
Do savers budget more than spenders?
Yes, by a wide margin. In T. Rowe Price's 2023 Retirement Savings and Spending Study, 64% of people under 50 who called themselves savers said they keep a monthly budget, compared with 37% of those who called themselves spenders. The gap grows when it comes to sticking with it: 45% of savers both kept a budget and followed it every month, compared with 8% of spenders.
Why don't spenders budget?
Spenders who didn't budget gave a mix of practical and emotional reasons. They said budgeting feels too difficult, takes too much time, or is unpleasant or stressful. Only 7% said they simply didn't need a budget.
Where does this data come from?
From T. Rowe Price's Retirement Savings and Spending Study (2023). The figures cover respondents under 50, grouped by whether they described themselves as savers or as spenders.
What this means for you
Making a budget is common. Keeping it every month is the hard part.
Savers were the most likely to keep a budget, so their next step is usually putting saved money to work. Spenders were the least likely to stick with one, so one small change they can keep tends to beat a full budget they drop. Your Money Type is Strategist, Spender, Saver or Scrambler, and the free quiz shows which first fix fits you.
Questions
64% of self-described savers under 50 kept a monthly budget in T. Rowe Price's 2023 study, and 45% kept one and stuck to it every month.
37% of self-described spenders under 50 kept a monthly budget, and 8% kept one and stuck to it every month.
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Source and methods
Data from T. Rowe Price, Retirement Savings and Spending Study, as of 2023. Among respondents under 50 who described themselves as savers or as spenders. Chart and analysis by Priceless Tay.
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