Over the years of writing about and working with folks who have trouble saving money and who are prone to overspend, it became increasingly clear to me that some folks literally get addicted to spending. This has been substantiated in numerous academic studies.

Now, a new study, published by Professors Nancy Ridgway and Monika Kukar-Kinney at the University of Richmond and Kent Monroe of the University of Illinois, sheds even greater light on this topic and has found that one in eleven American adults can be classified as compulsive shoppers. According to the study, "Compulsive buying is defined as a consumer's tendency to be preoccupied with buying that is revealed through repetitive buying and a lack of impulse control over buying. This measure includes dimensions of both obsessive-compulsive and impulse-control disorders."

In addition to causing severe financial hardship especially in households not earning high incomes, shopaholics can cause other family problems such as marital discord, stress, divorce, depression, materialism and poor self-image. This study found as have others that shopaholics report positive feelings and even euphoria when they go out and make purchases.

Unlike other studies on shopaholics, this one was better able to also identify high income shopaholics who don't necessarily cause their families to end up in financial ruin due to the sizable cushion the household's high income provides. Prior studies overlooked this group.

Here's the test the study's author developed to identify compulsive buyers. Answer each of the following six questions on a 7-point scale (Strongly Agree =7, Agree=6, Somewhat Agree=5, Neutral=4, Somewhat Disagree= 3, Disagree=2, Strongly Disagree=1)

• My closet has unopened shopping bags in it.
• Others might consider me a "shopaholic."
• Much of my life centers around buying things.
• I buy things I don't need.
• I buy things I did not plan to buy.
• I consider myself an impulse purchaser.

According to the authors of the study, a score of 25 or higher identifies people who are considered compulsive shoppers.

Because denial is a significant problem with many addictions, folks who may have a compulsive shopping problem should have someone who knows them well also answer these questions.

Compulsive shoppers tend to be female due in part to the fact that women do more of the shopping in households. Gender-related estimates state that as many as nine people in ten with this problem are women. Compulsive shoppers are typically lonely and bored and schedule their lives around shopping. When addicted shoppers hit the stores, they can't leave without making a purchase. They generally buy multiple items financed with credit cards, and in some cases, through repeated home equity loans.

For more information and help with identifying and conquering the habit of overspending, please see my book Personal Finance for Dummies (Wiley).

Copyright Eric Tyson, 2008 - 2012 all rights reserved.

Eric Tyson is the only best-selling personal finance author who has an extensive background as an hourly-based financial advisor and who does not accept speaking fees, endorsement deals or fees of any type from companies in the financial services industry or product or service providers recommended in his articles, books and his publications.