Washington, DC – The November poll hosted on the National Foundation for Credit Counseling (NFCC) website queried consumers regarding holiday spending. The results revealed that 50 percent of consumers intend to spend less on holiday purchases this year than last, indicating they are in a worse financial position, while thirty-seven percent plan to spend nothing at all, as they fear further financial distress.
While this total of 87 percent is a shocking number, when
asked the same question in 2011, 91 percent of respondents indicated their
intention was to cut back or spend zero on holiday gifts, demonstrating a
positive year-over-year trend.
“This statistic speaks loudly, and underscores that
consumers are not willing to repeat the mistakes of Christmases past by
spending irresponsibly this year,” said Gail Cunningham, spokesperson for the
NFCC.
“It takes optimism to endure the difficult economic times of
the past few years,” continued Cunningham. “However, it takes a dose of realism
to not become an emotional spender during the holidays. It appears as though consumers have learned a
tough lesson, and will emerge better equipped to face future financial
challenges.”
Looking at the other poll answer options, 11 percent intend
to spend as they did in 2011, stating that their financial situation is now
stable, while 3 percent will spend more, feeling as though they are in a better
financial position this year.
Holiday spending can financially make or break
retailers. The same is true for
consumers. Don’t let it be your personal
fiscal cliff.
For help developing a holiday budget, controlling spending, or any other personal finance concern, contact an NFCC Member Agency. To locate the agency closest to you, dial (800) 388-2227, or go online to www.DebtAdvice.org. For assistance in Spanish, call (800) 682-9832.
The actual November poll
question and responses are as follows:
This holiday season I will…
A.
Spend as I did last year because my financial life is
stable = 11%
B.
Cut back on spending, since I am worse off financially
this year = 50%
C.
Spend more than last year because I am in a better
financial position = 3%
D.
Not spend at all, because I anticipate further
financial distress = 37%
Note: The NFCC’s November Financial
Literacy Opinion Index was conducted via the homepage of the NFCC Web site (www.DebtAdvice.org)
from November 1 - 30, 2012 and was answered by 1,413 individuals.
The National Foundation
for Credit Counseling (NFCC), founded in 1951, is the nation’s largest and
longest serving national nonprofit credit counseling organization. The NFCC’s
mission is to promote the national agenda for financially responsible behavior,
and build capacity for its members to deliver the highest-quality financial
education and counseling services. NFCC Members annually help more than three million
consumers through close to 750 community-based offices nationwide. For free and
affordable confidential advice through a reputable NFCC Member, call (800)
388-2227, (en Español (800) 682-9832) or visit www.nfcc.org. Visit us on Facebook: www.facebook.com/NFCCDebtAdvice, on Twitter: twitter.com/NFCCDebtAdvice, on YouTube: www.YouTube.com/NFCC09 and our blog: http://financialeducation.nfcc.org/.
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