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People prefer to save rather than borrow, survey shows

Britain's credit culture could be on the wane, the Yorkshire Bank said today.According to the lender, people are becoming more attracted to savings accounts.Figures from Yorkshire Bank show that 75 per cent of people believe that saving up for a high-cost purchase is "more satisfying" than getting it on credit.For "spur of the moment" expenditure, this figure hits 85 per cent.Commenting on the survey, psychological expert Phillip Hodson said: "You would assume we all prefer instant gratification to the perceived pain of waiting to fork out in full for a summer holiday or new TV. "But more generally the opposite is true; it is a well known psychological trait that delayed gratification can generate a deeper sense of happiness - we might call it 'saver satisfaction' or the 'joy of thrift' - than buying on whim."He added: "Yearning makes the heart grow fonder."

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