News

Survey says 40 percent of US shoppers feel pressured to overspend this holiday season

Among parents with children under the age of 18, this pressure is even greater with 53 percent feeling pressured to overspend.

November 17, 2014

Nearly 40 percent of Americans feel pressured to spend more than they can afford during the holidays, according to a recent survey conducted online among over 2,000 adults by Harris Poll on behalf of SunTrust Banks Inc. Among parents with children under the age of 18, this pressure is even greater, with 53 percent feeling pressured to overspend, and 20 percent think they'll be paying one or more of their regular monthly bills — such as a utility or mortgage payment — late due to holiday expenditures.

The survey also found that nearly a quarter (24 percent) of Americans will be more financially stressed than last year, and 49 percent will be at least as stressed as they were last year.

Additional survey findings include:

• When asked if they expected to spend more or less this year versus last, 19 percent said less while 18 percent said more. However, 57 percent of men between the ages of 18 and 34 plan to spend more this year than last year.
• Across the country, 39 percent of consumers said they expect to spend as they go during the holiday shopping season and worry about the bill later.
• Seventy-three percent of Americans expect their financial stress to be the same as or greater than last year.