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More than One in Three Americans Are Adjusting Their Savings Plans to Account for Holiday Spending


News provided by

Edward Jones

Nov 12, 2014, 09:38 ET

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ST. LOUIS, Nov. 12, 2014 /PRNewswire/ -- According to the Holiday Spending and Savings Study conducted by financial services firm Edward Jones, 35 percent of Americans plan to shift their saving and investing strategies during the last few months of 2014 to accommodate for the holiday shopping season. The study also reveals that 39 percent of Americans are most preoccupied with paying off their debts during this time of year.

"While Americans acknowledge the importance of sticking to financial goals, even those with the best intentions can get sidetracked this time of year," said Scott Thoma, Retirement Strategist and Principal at Edward Jones. "To ensure people spend wisely during this time, we suggest they create a holiday shopping budget and stick to it. And to make up for the extra spending, we also suggest that people reconnect with their financial advisors or take a closer look at their own financial plans and make sure they're well positioned to remain on track after the holidays."

According to the study, women are more likely than men to make accommodations for increased year-end spending in their savings and investing strategies, with 40 percent doing so compared to 30 percent of their male counterparts. In addition, women are more likely than men to be most focused on holiday purchases (32 percent versus 26 percent, respectively).

"Women typically control household spending, so the response in our survey is in line with expectations," said Brian Yarbrough, Senior Retail Analyst at Edward Jones. "As for spending levels, all signs point to a solid holiday shopping season. We also expect the online shopping trend to continue, with less spending conducted in brick-and-mortar stores."

Other findings include:

  • 18-to-24 year olds are nearly twice as likely as those 65 or older to adjust their savings and spending strategy during the holidays (43 percent compared to 24 percent).
  • Households with income levels between $50,000 and $75,000 are the least likely to adjust their plans, with only 26 percent indicating their plans to do so. The lowest earning households, those earning less than $35,000 per year, were most likely to adjust their plans, at 42 percent – but unexpectedly, the highest income earners were no less likely than the survey average to do so.
  • Respondents between 45 and 54 years of age are the most likely to focus on paying off debts as the year ends (46 percent), compared to all age groups.
  • Respondents with household income levels greater than $100,000 are more likely than all groups to focus on making final contributions to savings and retirement plans (22 percent compared to 13 percent for household incomes between $75,000 and $100,000, and 11 percent overall).

For additional information on the survey, including the full results, please contact Cary Ruterman at [email protected].

About Edward Jones

Edward Jones provides financial services for individual investors in the United States and, through its affiliate, in Canada. Every aspect of the firm's business, from the types of investment options offered to the location of branch offices, is designed to cater to individual investors in the communities in which they live and work. The firm's 12,000 financial advisors work directly with nearly 7 million clients to understand their personal goals – from college savings to retirement – and create long-term investment solutions that emphasize a well-balanced portfolio and a buy-and-hold strategy. Edward Jones embraces the importance of building long-term, face-to-face relationships with clients, helping them to understand and make sense of the investment options available today. Edward Jones, which ranked No. 4 on FORTUNE magazine's "100 Best Companies to Work For 2014," is headquartered in St. Louis. The Edward Jones website is located at www.edwardjones.com, and its recruiting website is www.careers.edwardjones.com. Member SIPC.

Editor's Note

Survey was conducted by ORC International's CARAVAN Omnibus Services and was based on 1,007 landline and cell phone interviews of U.S. adults conducted October 2-5, 2014. The margin of error was +/-3%.

SOURCE Edward Jones

Related Links

http://www.edwardjones.com

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