Bah! Humbug! Georgians Spending Less Or Same This Holiday Season

ATLANTA, GA -- When it comes to holiday spending, many Georgians are planning to scale back on lavish purchases this year. In fact, 41 percent plan to spend the same amount as last year and 27 percent plan to spend less. Of those who plan to spend less, 40 percent cite other expenses are taking priority. The COUNTRY Financial Security Index surveyed Georgians just weeks before the holiday to see how financially secure they feel going into the busy shopping season.

The results show that more Georgians are cutting back while some (10 percent) don’t plan to spend any money at all on holiday gifts, entertainment, decorations, charitable donations or travel. However, one in five (22 percent) are saving throughout the year to afford holiday expenses.

For those Georgians who will be spending this holiday season, most have a specific budget (69 percent), while 9 percent say they don’t have a budget amount in mind.

Almost half of Georgians (40 percent) who have a budget plan to spend less than $500 or less. Only 14 percent of Georgians plan to spend more than $1,000 during the holiday season.

Budgeting and spending also vary by income and age. The older one is, the more likely they will spend more for the holidays. Those age 65 and older plan to spend the most ($930), while the youngest Georgians, age 18-34 plan to spend about $409 during the holidays. Those with incomes of $50,000-$100,000 plan to spend $703 and those with an income of $175,000 or more plan to spend $2,146.

Children are a major priority for Georgians during the holiday season – even for those who are planning to spend less. In fact, Georgians are planning to spend the most on their children this year (40 percent).

Others who will be on the receiving end of this holiday spending include family members (15 percent), significant others (12 percent) and grandchildren (14 percent). Only 8.5 percent of Georgians will spend the most on themselves.

Women are more likely than men (50 percent to 29 percent) to say they will spend the most on their children this year, whereas men are more likely than women (16 percent to 8 percent) to say they will spend the most on their significant other.

When asked what would take the most of their holiday budget, most Georgians (71 percent) say their largest expenditure will be on gifts, followed by entertaining (10 percent), travel expenses for flights, hotel stays and gas for the car (9 percent).

Interestingly, those age 18 to 34 are the most likely to plan and go the extra mile to afford expenses this holiday season. In fact, Millennials are the most likely to work more hours (15 percent), take on an additional job (13 percent), save throughout the year (29 percent), sell personal items (16 percent), and accept money from family and friends (15 percent).

When it comes to giving back to those in need, 80 percent of Georgians plan to give to charity this holiday season with 68 percent saying they give because of a personal passion, or because giving fills them with a sense of purpose in their lives.

Since 2007, the COUNTRY Financial Security Index has measured Georgians' sentiments of their personal financial security. The Index also delves deeper into individual personal finance topics to better inform Georgians about the issues impacting their finances

“We all want to enjoy the holidays and buy special treats for our family and friends,” said Chris Seabrook, Atlanta financial representative for COUNTRY Financial. “But we should keep our budget in mind and not make buying decisions we will regret in January. Take simple steps such as working additional hours, selling items and make a realistic holiday budget for all of those holiday expenses such as gifts, travel, decorations and entertaining. Then, start fresh in the new year with a savings plan to alleviate some of the financial burden for the 2019 holiday season.”

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Elizabeth Janney/Patch