The answer is “no”, according to a new study that found there was no correlation between the amount of money a person had in their bank account and how well they could perform their repairs.
The study, conducted by the U.S. Department of Labor and published this week in the Journal of Consumer Research, found that people who reported having more money in their savings account and a lower credit score had higher repair success rates.
“The fact that we can predict repair success from income is a good indication that you are doing the right things,” said Dr. Steven Cossman, the study’s lead author.
“You don’t need a lot of money, and you don’t have to work too hard to be successful.
It’s the right kind of stuff.”
The study found that the average income of people who responded to the survey was $53,600, which was roughly $200 per month higher than those who did not have a bank account.
The study also found that a household earning $50,000 a year had the same repair success rate as the median household in the United States.
“There’s a very important distinction between people who are financially secure and those who are not,” Cossmen said.
“People with the highest incomes are actually doing a better job of repairing the things they buy and saving the money to do it.”
For the study, Cossmans team asked people how much money they had in the bank and how they managed to pay for their repair.
They then used a computer program to calculate how much they could afford to spend on repairs, including a new stove, dishwasher and microwave.
“This is a very good question, because it’s a question we’re not asking many people,” COSSMAN said.
The results showed that people with higher incomes were more likely to report their financial situation as poor, which would mean that they could not afford to repair their home.
The researchers also found the highest repair success scores were seen in the lower middle income group.
The data, however, did not prove that people had to work a lot to be able to afford their repairs, and there was little correlation between a person’s level of income and how quickly they could repair a problem.
“People’s willingness to repair is more dependent on the type of appliances they are able to fix and whether or not they are capable of repairing a given problem,” CASSMAN said, adding that the study did not find a significant correlation between repair success and income.
In the future, the researchers hope to explore whether people are able repair problems more quickly, or if the repair of the most common types of appliance, like dishwashers and washing machines, is more important than repair of appliances like dishwasher, according to CASSMAN.