Mass Mutual Index: FOMO is dictating spending Mass. habits
Photo | Grant Welker
The Worcester skyline
Released on Tuesday, the Summer 2021 MassMutual MA Consumer Spending & Saving Index detailed the changing motivations and spending/saving habits of Massachusetts residents during the coronavirus pandemic.
The survey noted 63% of Massachusetts residents were motivated to spend by the fear of missing out (FOMO), while 71% said they were content with their current lives and inversely experienced the “joy of missing out” (JOMO).
The pandemic changed the spending habits of state residents who now prioritize debt repayment (38%), home expenses (35%), and travel/vacation (32%).
While summer spending has increased greatly with the reopening of social gatherings, 42% of all office workers in Massachusetts and 52% of Massachusetts Millennials, are worried about the financial implications of returning to the office.
The index was conducted by global consulting firm PSB Insights for Springfield insurer MassMutual among a nationally representative sample of 1,000 adult Americans. PSB additionally conducted a nationwide oversample of 250 office workers and a separate oversample of 500 adults statewide in Massachusetts.
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