The overspending there is worse than anywhere I've ever seen.
Having said that, Mormons in general are cheapskates. We'll spend the money if we have to but for the most part the culture plays back to what you said, we are pretty good savers. If we can make lunch instead of spending $10 on it we'll do that.
Plus, you've got to factor in that LDS families are generally larger than the national standard. More kids, more $$$.