Americans are taking proactive steps to keep holiday spending in check and be financially ready for next year, according to an Experian national consumer survey.
A majority of those surveyed — 84 percent — say they’re motivated to improve their finances this holiday season, with 66 percent paying for gifts in cash and 62 percent planning to pay off debt. Almost half — 46 percent —will try to improve their credit score before the start of the new decade.
Many Americans agree that holiday expenses affect their finances negatively — 63 percent — and nearly two out of three feel stressed about their finances during the season. However, Americans plan to tackle these challenges with some smart approaches; many of those surveyed — 65 percent — will set aside money for gifts, while 52 percent will tighten their budgets to prepare for holiday shopping. Looking beyond gift giving, 42 percent will start financial planning to prepare for next year and beyond. Consumers’ top New Year’s resolutions are saving more — 49 percent — and improving their credit score — 33 percent.
