(BANKRATE.COM/KWCH) If you feel the pressure to overspend during the holiday season, you aren’t alone.
Nearly two-thirds (63%) of U.S. adults say they have felt pressure to overspend during this time of year, according to a new Bankrate.com survey released Wednesday.
This includes more than half (51%) who have felt pushed to splurge on holiday presents.
In order to save money, more than 2 in 5 (41%) gift-givers are willing to resort to gift-giving taboos, including 38 million (16%) who would be willing to boycott the tradition altogether. Additionally, nearly one-quarter (24%) are willing to regift and 19% would buy used or secondhand items to cut costs.
However, overspending doesn’t stop at presents:
▪️ One-third of those who travel during the holidays have felt pressure to overspend on expenses such as airline tickets, gas and lodging.
▪️ More than one-third (36%) of those who host holiday parties feel inclined to spend more than they intended to.
▪️ 36% who donate to charity were pressured to spend more than they wanted.
▪️ When does the feeling sink in? More than a quarter (27%) feel the holiday pressure before the end of September. The highest percentage (31%) feel it in November.