A report found that 60% of U.S. adults are living paycheck to paycheck, with 40% considering themselves worse off than in 2022.
Even high earners are struggling, and the number of adults struggling to save between checks is increasing.
Many consumers plan to use savings and credit to cover holiday spending, contributing to a “mentality of hyper-consumption.”
Former President Donald Trump called out President Joe Biden’s “Bidenomics” for leading the country into another “Great Depression.” https://t.co/Oc7fdWqqLE
— Breitbart News (@BreitbartNews) September 9, 2023
“While consumers have found a way to manage through inflation, it’s concerning that many plan to tap into savings, and even exceed their budgets, to finance their holiday purchases, which may leave them vulnerable to an unexpected emergency,” said Alia Dudum, of LendingClub.
“With economic concerns top of mind for consumers throughout the year, planning ahead can help prevent some of the financial stress that holiday shopping can place on them,” said Matt Boss of TD Bank.
“Setting a holiday budget and sticking to it is the first step that shoppers can take to maintain their peace of mind this holiday season.”
“Gen-Z is also the most likely to plan for their season of giving, with [66 percent] citing that they set aside money year-round in anticipation of increased holiday spending,” the report read.
Shoppers are expected to overspend their holiday budget, but planning ahead can help prevent financial stress.
Gen-Zers are among the best budgeters, with 81% considering a holiday budget.
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