The unspoken holiday problem (and how to help your account holders address it)

Somewhere along the way (perhaps, not-so-coincidentally, as we each made the transition from child to adult) the holiday season became one big ball of pressure—with financial worry at its core. Statistics seem to support that spending (and, often, overspending) plays a significant role in our lives at this time of year:

• Holiday shoppers plan to spend $1,047 this year—4% more than last year (National Retail Federation)
• 9% of Americans are still paying off their holiday expenses from 2018 (YouGov)
• 51% of Americans feel pressure to spend more than they’re comfortable with on holiday gifts (Bankrate)
• 49% of Americans have no holiday spending budget (YouGov)

And yet, it’s not something that our society talks about much; the spending just continues while many panic in silence. While it’s certainly up to each individual how they want to approach the financial aspects of the holidays—gift giving, charitable donations, social events, travel—it’s comforting to know that their bank or credit union is on their side.

 

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