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November 12, 2014 at 11:48 AM
With the National Retail Federation projecting $616.9 billion to be spent over November and December, it’s no wonder that more than one in three Americans will be adjusting their savings plans this holiday season to account for holiday spending.
According to the Holiday Spending and Savings Study conducted by Edward Jones, 35% of Americans plan to shift their saving and investing strategies during the last few months of 2014 to accommodate for the holiday shopping season.
“While Americans acknowledge the importance of sticking to financial goals, even those with the best intentions can get sidetracked this time of year,” said Scott Thoma, retirement strategist and principal at Edward Jones, in a statement.
And, according to the study, women, millennials and lower-earning households are more likely to get sidetracked.
The survey found that 18- to 24-year-olds are nearly twice as likely as those 65 or older to adjust their savings and spending strategy during the holidays (43% vs. 24%).
Meanwhile, women were found to be more likely than men to make accommodations for increased year-end spending, with 40% of female participants planning on making a shift in their savings and investing strategies compared with 30% of their male counterparts. Moreover, women are also more likely than men (32% vs. 26%) to be most focused on holiday purchases.
These findings weren’t entirely surprising to Brian Yarbrough, senior retail analyst at Edward Jones.
