Relationship Between Frugality and Subjective Well‐Being: A Person‐Centred Analysis

ABSTRACT With the popularity of a frugal lifestyle in the post‐pandemic era, there is an increasing necessity to rethink the complex relationship between frugality and subjective well‐being. This research provided insights into this issue by identifying profiles of frugality dimensions and examining the associations between these profiles and subjective well‐being (mental health and life satisfaction) by employing a person‐centred approach. In Study 1, questionnaire data from 362 adults were used to identify four profiles of frugality dimensions, and participants were grouped into different profiles on the basis of their similar scores on these dimensions. These groups were precautious frugals, reasonable spenders, timely disposers and spendthrift belongers . In Study 2, the questionnaires were distributed to 535 adults in two waves. Study 2 replicated the findings of Study 1 and identified significant differences in mental health and life satisfaction across latent profiles. The findings have both theoretical and practical implications.