Holiday Costs Are Stressing Americans, and 59% Want Cash Over Any Other Gift

MoneyLion's new survey reveals most Americans are worried about holiday costs this season, and they value the simplest gift over everything else: cash.

NEW YORK, Nov. 10, 2026 /PRNewswire/ -- Holiday spending is weighing on many Americans. In a new MoneyLion survey, 7 out of 10 are worried about money this holiday season, with Gen Z reporting the most concern, followed by millennials. Among people who feel worried, more than 1 in 3 cite unexpected expenses as the top concern.

The report, "Pressure, Prices and Presents: Your Guide To Ease Spending Stress This Holiday Season," combines national consumer survey research of 1,000 U.S. adults with MoneyLion's new 50-state Holiday Stress Index.

MoneyLion U.S. Holiday Survey Findings:

• Millennials plan to spend the most: 1 in 4 expect to spend at least $1,000 on holiday gift shopping, the most of any generation.
• Spending by swiping: Nearly 1 in 5 Americans expect to take on credit card debt to pay for the holidays. Millennials and Gen Z are the most likely to borrow.
• Borrowing can add up: Nearly 1 in 3 people planning to take on debt say they may carry $300 or more. For these bigger-ticket borrowers, 1 in 5 say credit card debt is their biggest holiday worry.
• Gift pressure is real: More than half of the country keeps tabs on how much others spend on them. 30% keep track and try to match it.
• Gen Z would cut family gifts first: Among Gen Z respondents who would cut their holiday budget, gifts for family members, including parents, would go before gifts for friends.

To show how holiday finances differ around the country, MoneyLion created the Holiday Stress Index – which ranks all 50 U.S. states based on a combination of factors, including trends in credit card debt, missed payments, delinquency rates, income and seasonal costs.

State-by-State:

• Southern squeeze: Texas faces the most holiday financial strain. Several other Southern states also rank among the top 10 states for worst strain. In the South, nearly 1 out of 3 shoppers expect to spend less than $250.
• Regional credit card divide: Westerners are more likely than shoppers in the South or Midwest to take on credit card debt this holiday season. The Northeast falls in between.
• Holiday budget bite: Holiday gifts and travel eat up one-fifth of the entire median monthly income in several states: Mississippi, Louisiana, Kentucky, West Virginia and Arkansas.
• Financial bright spots: Oregon, Minnesota and Idaho rank among the least financially stressed states, reflecting strong income growth in those areas.

Cash Is King

Nearly 6 in 10 Americans would rather receive cash than a gift someone else chose, and that trend carries across all generations.

"People often feel they have to spend more than they can afford during the holidays, but what many people value is simplicity. Our survey found 59% would rather have cash. That's why it's important to talk openly about budgets, agree on gift preferences, and always plan for surprise expenses, so you can enjoy the season without carrying debt into the new year," said Rudri Patel, NACCC-Certified Financial Health Counselor at MoneyLion.

How To Ease Holiday Money Stress

MoneyLion's guide offers simple steps to reduce holiday spending stress.

• Set expectations with friends and family: Talk openly about expectations for gifts and set a spending limit or theme together. Group gift exchanges like Secret Santa or a White Elephant that naturally include a spending limit and focus on one gift recipient per person can help keep the holidays festive and fun without going overboard.
• Gift cash or time together: A modest cash gift or an experience paired with a handwritten note can feel personal without putting pressure on your budget.
• Leave room for surprise expense: Holiday budgets rarely go exactly to plan. If an unexpected bill comes up, a cash advance tool like Instacash® can help get you back on track.
• Make a gift: Handmade gifts are a popular option. Our survey shows 6 in 10 Gen Z are considering DIY or handmade gifts this year. Keep in mind that a meaningful gift does not have to be expensive.
• Watch for holiday scammers: A holiday scam could be the unexpected expense that derails your gift-giving plans. Always check for suspicious websites, double-check what AI recommends and take advantage of the in-app scam and identity theft protection available to all MoneyLion One members.

For MoneyLion's complete guide, visit https://www.moneylion.com/learn/research/studies/holiday-stress-index.

Methodology

The U.S. survey was conducted online by Dynata on behalf of Gen in September and separately in October 2026, among 1,000 U.S. adults ages 18 and older. Data are weighted by age, gender and region to be nationally representative.

The MoneyLion Holiday Stress Index ranked all 50 U.S. states based on an analysis of median household income, 5-year debt and delinquency trends from the Federal Reserve Bank of New York, employment and public assistance metrics from the U.S. Census Bureau, and holiday spending estimates from PwC's Holiday Outlook, adjusted by regional cost of living indices.

About MoneyLion, part of Gen 

MoneyLion is a leading financial technology platform helping people make more confident financial decisions through an innovative suite of products for saving, borrowing, spending and investing. Its top-rated consumer finance app and premier embedded finance platform powers the next generation of personalized products, content, and marketplace technology. MoneyLion is part of Gen (NASDAQ: GEN), a global company dedicated to powering Digital Freedom through a family of trusted consumer brands, empowering nearly 500 million users in more than 150 countries through its products and services that span cybersecurity, online privacy, identity protection and financial wellness. As people navigate complex financial decisions and face increasingly sophisticated fraud, Gen is building the security and trust layer to help them protect and take control of their digital and financial lives in the AI era. Learn more at MoneyLion.com and GenDigital.com. 

Media Contact:
Ray Marek
[email protected] 

SOURCE MoneyLion