Maybe. The research is discussed on Jonah Leher's highly recommended blog.
Related musing: I suggested to friend that likes to penny pinch that it makes her unhappy. By spending cognitive resources and time trying to spend more effectively she has money on the brain more--which just means more worry and less time for fun things. This research also suggests that it makes it harder for her to savor things because of the priming effects. And what for gain? Having a little extra money to spend on . . . I think living simply can help people enjoy the pleasure of life more, but being thrifty (ironically) makes it more difficult.