104 million Americans spend $65.4 billion to avoid embarrassment.
Ever dropped a penny and didn’t pick it up because it might make you look cheap? You’re not alone: Nearly half (46.8%) of all American adults say they’ve lost money to avoid embarrassment or save face. And they did so in far more elaborate ways than just not picking up a penny.
We analyzed survey responses from 1,971 US adults, commissioned by Finder.com and conducted by Pureprofile, and found that about 104 million Americans left an average $65.4 billion on the table last year to preserve their dignity. That’s about $629 a person.
How are we losing our money?
The No. 1 reason Americans are in the red is because we’re too polite, awkward or embarrassed to ask for money owed to us by family and friends. Nearly 59 million people say forfeited a collective $14.3 billion — or $243 a person — for this reason over the last year.
Surprisingly, being too embarrassed to return a faulty or unwanted item is the second most common way we lose money, with an estimated 56.6 million Americans failing to collect $6.01 billion ($106 a person) owed to them.
How are we losing our money?
Category
Percentage of Americans who lost money saving face
Number of Americans who lost money saving face
Estimated amount lost per person
Total estimated amount Americans lost by category
Returned a faulty/unwanted item for a refund
54.5%
56,684,170
$106
$6.01 billion
Asked a friend to pay you money owed
56.66%
58,938,014
$243
$14.3 billion
Corrected an overcharge on a bill
51.46%
53,528,789
$76
$4.1 billion
Resisted group spending pressure (split bills, expensive restaurant options, group gifting)
47.89%
49,809,947
$215
$10. 7 billion
Asked for a raise you knew you deserved
38.24%
39,780,342
$762.00
$30.3 billion
Women are better than men at collecting their debts
Men are more likely than women to leave behind money owed to them across the board. And no more so than in a group situation: Men (53.57%) are 11.74% more likely than women (41.83%) to go with the flow in a group billing situation even if it means paying more than their fair share.
Category
Percentage of men who lost money saving face
Percentage of women who lost money saving face
Returned a faulty/unwanted item for a refund
58.40%
50.34%
Asked a friend to pay you money owed
58.82%
54.36%
Corrected an overcharge on a bill
54.83%
47.87%
Resisted group spending pressure (split bills, expensive restaurant options, group gifting)
53.57%
41.83%
Gen X crossing out their debts
Gen X is the generation that’s best at getting the money owed to them, with only 22.75% feeling awkward about calling in their debts.
At the other end of the spectrum is millennials, with 39.65% of this generation admitting to awkwardness in settling debts due. Of those millennials, a whopping 64.75% admit they failed to collect money owed to them by family and friends, totaling $504.4 million in the last year.
Money lost by generation
Category
Percentage of millennials who lost money savings face
Percentage of Gen X who lost money savings face
Percentage of boomers who lost money savings face
Returned a faulty/unwanted item for a refund
59.29%
48.57%
45.93%
Amount wasted
$772 million wasted
$286 million wasted
$248.7 million wasted
Asked a friend to pay you money owed
64.75%
58.10%
39.84%
Amount wasted
$504.4 million wasted
$163.95 million wasted
$128.3 million wasted
Corrected an overcharge on a bill
55.19%
44.76%
43.90%
Amount wasted
$1.15 billion wasted
$242.6 million wasted
$312.7 million wasted
Resisted group spending pressure (split bills, expensive restaurant options, group gifting)
58.47%
43.81%
28.46%
Amount wasted
$601.1 million wasted
$348.1 million wasted
$157.6 million wasted
Asked for a raise you knew you deserved
46.99%
33.81%
19.51%
Amount wasted
$877.4 million wasted
$216.2 million wasted
$232.3 million wasted
More money means a tighter grip on debts
Not Surprisingly, those among the lowest income brackets are more likely to chase debts. Those earning between $150,000 and $300,000 are most on top of money owed to them, with only 5.63% saying they were too embarrassed to chase a debt in the last 12 months.
Let’s break down income
Income bracket
Percentage of Americans who lost money saving face
$0 to $25,000
16.68%
$25,000 to $50,000
26.22%
$50,000 to $75,000
22.75%
$75,000 to $100,000
13.98%
$100,000 to $150,000
12.68%
$150,000 to $300,000
5.63%
We analyzed data from a survey of 1,971 US adults commissioned by finder.com and conducted by Pureprofile in February 2019. We did not specify a timeframe for the specified actions, and we therefore count all inputs as lifetime answers. We asked respondents to enter the amount wasted in the past year for each respective category. Respondents were able to select more than one response. The estimated population figures were based on the American population of 222,116,302, ages 20-74, based on United States Census Data.
For all media inquiries, please contact:
Richard Laycock, Insights editor and senior content marketing manager
Chelsea Gregori is the PR Specialist at Finder, where she enjoys the ebb and flow of data storytelling, relationship building and link building. Chelsea is passionate about creating content that provides valuable resources to empower the people around her to make the most informed personal finance decisions. Prior to Finder, Chelsea managed the musical duo Well Worn Soles, booking venues and festivals across the Southeast. She also managed her personal homesteading blog, Grow Where You Sow, creating content to guide individuals looking for a slower, more financially savvy lifestyle. When she isn’t diving into the world of digital and traditional PR, she’s hang drying laundry, milking goats, growing gardens, humanely raising happy livestock, making mayonnaise and contributing to a 50-acre subsistence agricultural farm and community.
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