4 in 10 Americans Plan to Spend Less This Holiday Season
Financial Security Highest Since August, But Savings Still an Issue for Many
NEW YORK, Dec. 16, 2013
NEW YORK, Dec. 16, 2013 /PRNewswire/ --Nearly four in 10 Americans (38%) plan
to spend less this holiday season than they did last year, according to a new
Bankrate.com (NYSE: RATE) report. Only 14% plan to spend more this year and
47% plan to spend about the same amount as last year.
Americans planning to spend less outnumber those planning to spend more in
each age and income group; the disparity increases with age. Households with
income less than $50,000 are the most likely to say they plan to spend less
"Many Americans continue to struggle with little or no savings and stagnant
wages, forcing them to rein in their spending this holiday season," said Greg
McBride, CFA, Bankrate.com's senior financial analyst. "Overall, Americans are
feeling more financially secure after the government shutdown and debt ceiling
saga were resolved, but many are still clutching their pocketbooks closely."
Americans' feelings of financial security are now at their highest level since
August. They are in positive territory for each age group under age 65.
Overall, 25% of Americans feel better about their finances than they did last
year and 18% feel worse.
Bankrate.com's Financial Security Index registered a 100.4 in December;
readings above 100 indicate improved financial security compared with one year
previous. The index dipped into negative territory in September, October and
November, due in large part to the uncertainty in Washington.
Feelings of job security turned positive in December for the first time since
September, completely unwinding the negative sentiment of the past two months.
Net worth continues to be a strong area of financial security: those reporting
higher net worth than one year ago outnumber those reporting lower net worth
by a margin of three-to-two.
Savings is the only area of financial security that has elicited negative
feelings every month since the poll debuted in December 2010.
The survey was conducted by Princeton Survey Research Associates International
(PSRAI) and can be seen in its entirety here:
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PSRAI obtained telephone interviews with a nationally representative sample of
1,002 adults living in the continental United States. Interviews were
conducted by landline (501) and cell phone (501, including 264 without a
landline phone) in English by Princeton Data Source from December 5-8, 2013.
Statistical results are weighted to correct known demographic discrepancies.
The margin of sampling error for the complete set of weighted data is plus or
minus 3.7 percentage points.
About Bankrate, Inc.
Bankrate is a leading publisher, aggregator, and distributor of personal
finance content on the Internet. Bankrate provides consumers with proprietary,
fully researched, comprehensive, independent and objective personal finance
editorial content across multiple vertical categories including mortgages,
deposits, insurance, credit cards, and other categories, such as retirement,
automobile loans, and taxes. The Bankrate network includes Bankrate.com, our
flagship website, and other owned and operated personal finance websites,
including CreditCards.com, Interest.com, Bankaholic.com, Mortgage-calc.com,
CreditCardGuide.com, Nationwide Card Services, InsuranceQuotes.com,
CarInsuranceQuotes.com, InsureMe, Bankrate.com.cn, CreditCards.ca,
NetQuote.com, and CD.com.Bankrate aggregates rate information from over 4,800
institutions on more than 300 financial products. With coverage of nearly 600
local markets in all 50 U.S. states, Bankrate generates over 172,000 distinct
rate tables capturing on average over three million pieces of information
daily.Bankrate develops and provides web services to over 80 co-branded
websites with online partners, including some of the most trusted and
frequently visited personal finance sites on the Internet such as Yahoo!, AOL,
CNBC, and Bloomberg. In addition, Bankrate licenses editorial content to over
500 newspapers on a daily basis including The Wall Street Journal, USA Today,
The New York Times, The Los Angeles Times, and The Boston Globe.
For more information:
Publicist, Bankrate, Inc.
SOURCE Bankrate, Inc.
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