More Than One-Third of Americans Would Rather Do Away With Gifts This Holiday Season Than Deal With the Costs
Meanwhile, nearly 1 in 5 Americans with children under 18 admit their spending "has no limits" when it comes to giving their children a joyous holiday
LOS ANGELES, Nov. 19, 2019 /PRNewswire/ -- New data reveals how the stresses of holiday expenses are polarizing for Americans and their perceived impact, with more than one in three (36%) Americans revealing they'd rather do away with gifting (either receive no gifts or opt-out of giving) than deal with their holiday expenses, according to a new study, the 2019 Holiday Wallet Woes Report.
The report, commissioned by online personal finance resource and marketplace WalletJoy, which engaged YouGov to poll the views of a representative sample of 1,330 American adults, reveals that while one-third of Americans would prefer to skip the presents, nearly one in five (18%) parents with children under 18 say their spending "has no limits" when it comes to delivering a joyous holiday for their family.
"At WalletJoy, we're interested in helping guide people financially through life's biggest moments, and this research reveals that while the holidays cause extreme levels of financial stress on all Americans, how that stress impacts how we celebrate really depends on who we're celebrating for," said Yvette Ramos, a WalletJoy spokesperson. "Parents prove they're willing to do anything to keep the holidays a special time for their children, while the average American is more willing to give up core holiday traditions to lessen the costs during a time that comes with planned and unplanned costs relating to travel, gifts, experiences and more."
Holiday Debt Denial
The 2019 Holiday Wallet Woes Report unveiled that 37% of Americans believe they'll take on zero debt this holiday season. However, with the average American owing around $6,354 on bank-issued credit cards alone, it's likely many Americans are underestimating this year's holiday spending.
Even for the more than one in five (21%) Americans who admitted they'd likely take on at least $500 of debt this holiday season, only 11% reported they expected to take on more than $1,000 of debt.
The Costs of Celebrating with Children
Americans with kids under 18 revealed understandably higher debt expectations, with nearly one in five (19%) expecting to take on at least $1,000 of debt, and of those, 19% revealing they expect to take on more than a whopping $4,000 of debt.
In line with these predictions, parents also revealed a willingness to take on higher financial burdens in order to keep the holidays a special time for their family. A subset of parents with children under 18—one in seven (13%)—admit they'd max out their credit limits to make this holiday season a wonderful one. Similarly, nearly 1 in 5 Americans with children under 18 said their spending "has no limits" when it comes to giving their children a joyous holiday.
Evolving Holiday Engagements
The report also examines how the stress and pressures of holiday engagements are altering typical proposal norms. The data reveals that while millennial men feel especially unprepared financially for a holiday proposal this year, with 68% claiming they wouldn't be financially prepared to propose this year if they wanted to, millennial women are willing to bend traditional proposal norms to secure a holiday engagement. More than three in ten (31%) millennial women said they were willing to be proposed to without a ring this holiday season, and nearly one in five (17%) said they'd be willing to propose themselves.
"What we're seeing from this data is that financial stress is impactful and can alter even the deepest traditions, from how we share gifts and generosity over the holidays, to how we present lifelong commitments through proposals," said Ramos. "Millennials are feeling the heat when it comes to their finances, especially during the expensive holiday season, so they're voicing a willingness to change some really traditional parts of the holidays in order to lessen those costs, and therefore, the stress."
WalletJoy is committed to helping guide Americans financially through life's most important moments, from engagements, to home buying to welcoming a new member of the family, to navigating the expensive holiday season. To view the full findings from The 2019 Holiday Wallet Woes Report and to learn more about how to plan financially, click here.
Research Methodology
WalletJoy commissioned YouGov Plc to poll the views of a representative sample of 1,330 U.S. adults. Fieldwork was undertaken between 11-14 October 2019. The survey was carried out online. The figures have been weighted and are representative of all U.S. adults (aged 18+).
About WalletJoy
WalletJoy is a personal finance resource and marketplace helping people make smarter financial decisions around life's most important moments. Whether it's a major cultural milestone like getting married, or simply planning for an upcoming getaway vacation that's desperately needed, WalletJoy helps people navigate the intricacies of personal finance with ease, so they can focus on what matters most: the moment worth celebrating. WalletJoy combines expert content, a new brand of personal finance tools and calculators designed for specific life milestones, a marketplace of credit cards, and upcoming offerings of loans from providers and more to help Americans find joy for the moment, for life and for their wallet.
To learn more about WalletJoy, visit www.walletjoy.com.
Contact
Diffusion PR for WalletJoy
Tim Williams, Senior Campaign Manager
[email protected]
(646) 793-3063
SOURCE WalletJoy
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