It will affect the amount of storage used:
Storage considerations with Decimal Data Type in SQL Server
Data type SQL Decimal requires the following storage bytes for the specified precision as provided by Microsoft below:
Precision | Storage (Bytes) |
1 – 9 | 5 |
10 – 19 | 9 |
20 – 28 | 13 |
29 – 38 | 17 |