How important is a high page speed score?

[Brucewaayne7]

I have read that a low page speed score can trigger a Google penalty. Is this something I should be working on to improve?

 

[patrickhould01]

Here are a few reasons why a high Page Speed Score is important:
1)Page speed means that people won’t wait long for your site to initially load
2)A fast site means that people will spend more time on it
3)If people spend more time on your site, then they are more likely to buy