Confessions of Holiday Spending, and other Survey Tidbits
With the year-end holidays just around the corner, many people are getting a head start on purchasing gifts for friends and loved ones. In the spirit of the season, Union Bank, headquartered in Los Angeles, revealed findings of a survey to understand exactly how people are spending their hard-earned cash.
“While many of us enjoy spending time with family and friends during the holiday season, it can also be a stressful time of year for many,” said the bank’s Pierre P. Habis. He added that a lot of people feel pressured to spend too much, leading to poor financial decisions and repercussions lasting well into the next year. “But, if we can use the holidays as an opportunity to talk about money, we can learn and adopt better financial habits that will help us all year long.”
The survey, conducted by global market research firm Edelman Intelligence, interviewed a nationally-representative sample of 1,000 American adults ages 18 and above. The Union Bank survey revealed that:
- 44% of millennials use the excuse of money to not travel home for the holidays
- One in five Gen Zers will spend a lot of money on moms and themselves, adding up to $500 for both gifts
- Four in 10 respondents acknowledged feeling pressure to spend money on people they don’t want to
- Pets had a nice showing on the holiday gift list this year; approximately 80% of those surveyed indicated they plan to get gifts for their fur friends
- While two out of three consumers have a budget in place, it will still take 33% of them six months to pay off credit card debt. Three in 10 people acknowledged to spending more money than they should, simply to impress friends and family
Other regrets acknowledged in the survey include:
- Debt: 77% said they were concerned about over-spending
- Gluttony: 75% indicated they were worried about over-eating
- Time Crunch: 58% acknowledged concerns about over-commitment to holiday engagements
- Hangovers: 39% worry about drinking too much
For comments, questions or concerns, please contact Amy Sorter
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