STUDY: Two in Three Americans Say COVID-19 has Made Them Frugal

More than half of Americans credit the COVID-19 pandemic with finally teaching them how to be smart with their money, according to a new survey commissioned by Slickdeals, a social platform for shopping.

A similar study from two years ago showed this number is up. In 2018, only 42% felt very smart with money; in 2020, that number jumped to 51%. Another two in three say the pandemic has turned them into a frugal person.

The polls of 2,000 Americans, both conducted by OnePoll on behalf of Slickdeals, looked into how the pandemic changed Americans' mindsets about their money and how they define being "cheap" vs. being "frugal." The recent survey was created to mirror the 2018 version in order to compare how much the results have changed after two years and a global pandemic.

According to the new survey, the average American becomes a frugal person at the age of 31, with one in four saying it happened even earlier for them. Two in three Americans also said that they consider being called frugal a compliment.

Cheap vs. Frugal

Interestingly, there was a shift in perception about tipping the minimum (15%-20%) regardless of service, which was found to be "cheap" by respondents. In 2018, skimping on the tip was voted to be an act of frugality.

Other "cheap" actions included calculating your share of the group bill down to the cent, still using very outdated electronics, regifting and eating food a few days past its expiration date.

Two-thirds of those polled said they actually think using a coupon on a first date is completely acceptable. In fact, 45% said they'd happily use a coupon on a first date.