60% of Americans: No Budget for Holiday Spending Posted by AVCU on 12:47 PM

The National Endowment for Financial Education just released results of a survey finding that most Americans have concern over how they will pay for their holiday expenses in this "bah humbug" economy, yet have no particular plan.  49% of Americans are much/somewhat more concerned about being able to afford holiday expenses this season, compared to their level of confidence five years ago before the recession and economic downturn. As a result, 54% of those who have holiday expenses plan to spend less this year than they did 5 years ago.


64% of Americans believe gifts will be their largest expenditure this year, with 60% planning to spend the most on family members. Top expenses for the remainder include: food/groceries for holiday meals (12%), travel (8%), entertainment/entertaining or holiday greeting cards (both 2%), gift wrap/decorating and other (both 1%). 10% anticipate not having any holiday-related expenses this year. The study also addresses how consumers pay for these purchases, with cash and credit cards being he most common.


See the full report here.