EVANS, Ga., Nov. 17, 2015 /PRNewswire/ -- They've been called narcissistic and selfish and accused of being financially irresponsible and obsessed with instant gratification. The elusive Millennials, born between 1980 and 2000, are everyone's obsession and a new survey by TaxSlayer is revealing everything we think we know about this generation's views on savings may be wrong. The leading online tax service provider and savings expert surveyed more than 500 Millennials about their holiday spending habits and plans, finding the majority of respondents are playing frugal Santa this holiday season.
"The most wonderful time of the year usually means lots of spending, leading some to a New Year overflowing with debt – surprisingly, Millennials won't risk overspending during the holidays," said Steven Binder, CMO, TaxSlayer. "The 'Me' generation is all about giving, but within limits, opting for being smart and creative about how much they spend and who they gift."
When asked if they would risk going into debt during this holiday season, the respondents, often accused of being credit card happy and opening credit lines to afford luxury items, deflated that myth with an overwhelming 78 percent stating they would rather be considered a "Scrooge" than spend too much on holiday shopping. In fact, more than half of respondents said budget was the factor most likely to influence their holiday spending this year, beating out advertising, special offers, family and holiday spirit.
Millennials don't want to be get stuck with debt from Christmas past, but when they are spending, TaxSlayer's survey uncovered these key findings on how Millennials choose to gift:
- The majority of Millennials are more savings savvy than you'd think. They're also willing to sacrifice their own lifestyle to ensure loved ones are rewarded. Nearly 20 percent of respondents are willing to eat Ramen Noodles July through December to be sure they have the best gifts for everyone on their list.
- When it comes to receiving gifts, Millennials are all about experiences. – with nearly 40 percent choosing an experience over luxurious or DIY gifts. Bungee jumping in New Zealand, anyone?
- In terms of giving, respondents believe it's better to give than to receive. While being budget-conscious is still important, Millennials are selfless in their gift giving. Nearly three fourths of respondents want to ensure what they buy for others, whether little luxuries or a cool DIY gift, is best of the best.
- 66 percent of Millennials said they enjoy being able to get something nice for the people they love, but have a budget to stick to, with most respondents spending $300 on holiday gifting. Nearly 25 percent save for the holidays at least four months in advance, with half devoting at least two months to a holiday gifting fund.
- 34 percent feel buying holiday gifts from the store is old school and instead believe that "spreading DIY cheer" by creating more personalized gifts makes a bigger statement.
Though they love being able to get nice gifts for everyone on their list, more and more Millennials are morphing into fiscally minded adults who realize they have a budget to stick to.
For more information and ways to save, visit http://www.taxslayer.com.
TaxSlayer grew out of a family-owned company with 50 years in the tax preparation business. TaxSlayer provides online tax preparation software for electronic filing of federal and state tax returns. We strive to provide customers with the highest quality software and online technical support. Our tax preparation software has been used to complete millions of returns since 1998. We are dedicated to the future of the tax industry and proud to serve you.