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One-third of Americans changing their savings plan to spend more this holiday season

According to the Holiday Spending and Savings Study conducted by financial services firm Edward Jones, 35 percent of Americans plan to shift their saving and investing strategies during the last few months of 2014 to accommodate for the holiday shopping season.

November 12, 2014

According to the Holiday Spending and Savings Study conducted by financial services firm Edward Jones, 35 percent of Americans plan to shift their saving and investing strategies during the last few months of 2014 to accommodate for the holiday shopping season. The study also reveals that 39 percent of Americans are most preoccupied with paying off their debts during this time of year.

According to the study, women are more likely than men to make accommodations for increased year-end spending in their savings and investing strategies, with 40 percent doing so compared to 30 percent of their male counterparts. In addition, women are more likely than men to be most focused on holiday purchases (32 percent versus 26 percent, respectively).

"Women typically control household spending, so the response in our survey is in line with expectations," said Brian Yarbrough, senior retail analyst at Edward Jones. "As for spending levels, all signs point to a solid holiday shopping season. We also expect the online shopping trend to continue, with less spending conducted in brick-and-mortar stores."

Other findings include:

• 18-to-24 year olds are nearly twice as likely as those 65 or older to adjust their savings and spending strategy during the holidays (43 percent compared to 24 percent).
• Households with income levels between $50,000 and $75,000 are the least likely to adjust their plans, with only 26 percent indicating their plans to do so. The lowest earning households, those earning less than $35,000 per year, were most likely to adjust their plans, at 42 percent — but unexpectedly, the highest income earners were no less likely than the survey average to do so.
• Respondents between 45 and 54 years of age are the most likely to focus on paying off debts as the year ends (46 percent), compared to all age groups.
• Respondents with household income levels greater than $100,000 are more likely than all groups to focus on making final contributions to savings and retirement plans (22 percent compared to 13 percent for household incomes between $75,000 and $100,000, and 11 percent overall).