Although the economy is improving, and Americans are in better shape financially than they were a year ago, a recent survey found that 45% of people would prefer to skip the holidays all together.
CNBC is reporting that Think Finance surveyed 1,000 Americans across all income levels and found that many are unprepared to cope with the expenses that crop up this time of year.
In addition to the 45% who want to skip the holidays, half of respondents said their level of stress related to holiday expenses is high or extremely high. About the same number say they do not expect to have enough set aside to cover their holiday expenses.
Here are some other interesting facts found in the study:
- 85% plan to spend the same or less on gifts this year as they did last year.
- 54% plan to spend $500 or less
- 27% plan to spend between $500-$1,000
- 41% plan to use layaway programs
- 59% plan to carry debt into the new year
Could you skip Christmas to save money? Let us know in the comments below.