SunTrust: More People Feel Pressure to Over-Spend During Holidays
Company advocates simple steps to avoid financial holiday hangover
Nov 16, 2015, 08:55 ET
ATLANTA, Nov. 16, 2015 /PRNewswire/ -- This year, 46 percent of Americans feel pressure to spend more than they can afford during the holidays, up from 39 percent in 2014. The recent online survey conducted in October by Harris Poll on behalf of SunTrust Banks, Inc. (NYSE: STI) also found that 29 percent of adults expect this holiday shopping season to be more financially stressful than last year, compared to only 24 percent who answered the same question in 2014 about the previous year.
"Our annual Holiday Financial Well-Being Survey is conducted to understand how people feel about their finances in advance of the busiest spending season of the year," said Brad Dinsmore, head of Consumer Banking at SunTrust. "If you are feeling stressed, you are not alone. Rising credit card balances, overdrawn accounts and limited time to spend with family are a few of the top holiday stressors clients tell us about. But there are things people can do now to alleviate this pressure and instead focus on the moments that truly matter this season."
Simple steps to de-stress the holidays include:
- Make a plan: Set limits on your spending, shop for sales and stay within your means.
- Cash in rewards: Use credit card rewards accumulated throughout the year to help cover the cost of gifts or travel during the holiday season.
- Download your bank's mobile app: Check your balances on a mobile app to better track saving and spending.
- Sign up for overdraft protection: Link a checking account with a savings account, credit card or line of credit to avoid fees and ensure you don't get stuck at the cash register.
- Set up text alerts: Arrange for text message alerts when your balance is running low to help avoid overdrafts and remind you when it's time to transfer money.
For more holiday planning tips and tools, visit www.suntrust.com/holidays.
Additional Holiday Financial Well-Being Survey Findings
- Among millennials ages 18-34, 42 percent expect more financial stress related to the holiday shopping season than last year – the most of any age group.
- Those parents with a child under the age of 18 in their household are far more likely than those without children in this age range to say they will experience more holiday shopping financial stress than last year (43 percent compared to 23 percent for those without a child).
- Those parents with a child under 18 in their household are also more likely to say they feel pressure to spend more than they can afford during the holiday season (61 percent compared to 39 percent without a child). This number is up from 2014 when only 53 percent of those parents with a child under 18 in their household said they felt pressure to over-spend.
About SunTrust Banks, Inc.
SunTrust Banks, Inc., one of the nation's largest financial services organizations, is dedicated to Lighting the Way to Financial Well-Being for its clients and communities. Headquartered in Atlanta, the company serves a broad range of consumer, commercial, corporate and institutional clients. As of September 30, 2015, SunTrust had total assets of $187 billion and total deposits of $146 billion. Through its flagship subsidiary, SunTrust Bank, the company operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic States and a full array of technology-based, 24-hour delivery channels. The company also serves clients in selected markets nationally. Its primary businesses include deposit, credit, trust and investment services. Through its various subsidiaries, the company provides mortgage banking, asset management, securities brokerage, and capital market services. SunTrust's Internet address is suntrust.com.
SunTrust Bank, Member FDIC. ©2015 SunTrust Banks, Inc. and SunTrust are federally registered service marks of SunTrust Banks, Inc.
Methodology
The 2015 survey was conducted online within the United States by Harris Poll on behalf of SunTrust from October 23-27, 2015 among 2013 adults ages 18 and older. The 2014 survey was conducted online within the United States by Harris Poll on behalf of SunTrust from October 28-30, 2014 among 2026 adults ages 18 and older. These online surveys are not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated. For complete survey methodology, including weighting variables, please contact [email protected].
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SOURCE SunTrust Banks, Inc.