Financial anxiety: Majority of Americans would give up gifts for gatherings
This is according to a new survey conducted online by Harris Poll on behalf of SunTrust Banks.
A majority of those who spend time buying or making gifts (60 percent) said they would spend more time with friends and family if they didn't have to worry about gifts.
The survey findings suggest that financial anxiety during the holidays is taking its toll on many Americans and could be a reason for rethinking gift-giving and focusing on other priorities.
Forty-three percent of those who spend money on anything related to the holidays said they feel pressured to spend more than they can afford.
If they didn't have to buy gifts, 25 percent would use the money on activities with friends and family, 37 percent would pay down debt and 47 percent would save or invest.
With so much pressure to overspend, it can seem impossible to get finances under control.
To help reduce gift-giving stress this holiday season, SunTrust is giving the gift of financial confidence with The onUp Challenge, a free, gamified experience that turns finances into an adventure.
The interactive program provides a fun and informative way for players to make real progress toward financial goals – especially during the holidays. ■