Every day is a challenge when budgets are squeezed to the limit, but at times when spending typically surges some tough decisions are required.
With 46% of more than 2,000 participants in new research from Thrivent reporting they are living paycheck to paycheck; the approaching holiday season is set to be difficult for those without any flex in their finances.
Two thirds of respondents are concerned about their finances going into holiday season including 27% who are very concerned. With the current economy, around one third said they will buy fewer gifts and a similar share will buy cheaper ones.
“The holidays may be the most wonderful time of the year, but this festive season has Americans on edge,” said Thrivent Wealth Advisor Clint Jasperson. “Our Holiday Spending Survey shows rising costs, tighter budgets and a lack of financial planning may be the real grinches this year.”
Despite their financial worries, just one in five respondents felt that a financial plan would help them control their spending and 35% said they are not seeking advice on how to do this.
Inflation has driven up the cost of cheer and half of respondents are concerned. Notably, despite many polls showing how younger Americans are struggling more due to inflation, Gen Zs and Millennials are less concerned about rising prices for the holidays (51% and 48% respectively) compared to Boomers and Gen Xers (61% and 58% respectively).
Social media plays a key role in spending decisions with Gen Z and Millennials (both 35%) the most likely to be impacted compared to Gen X (29%) and Boomers (11%).
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