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PHILADELPHIA (CBS) — A new study has found that nearly half of Americans feel pressure to overspend during the holiday season this year.

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An annual study by Suntrust Banks found that the number has risen 3 percent from last year.

“We all want the holidays to be a time of happiness and relaxation, but the pressure to overspend robs people of the joy of the season and increases financial stress,” says Brian Ford, financial well-being executive at SunTrust.

onup suntrust holiday spending Nearly 50 Percent Of Americans Feel Pressure To Overspend For Holidays: Study

Credit: SunTrust Banks

Officials suggest that setting a modest holiday budget can help ease stress around holiday gift giving.

Another tip is to create a savings account specifically designated for the holidays and to shop smartly for the best bargains.

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“Money affects people in emotional ways, and we’ve found that those who have a better handle on their money are happier – in fact, 64 percent of Americans with high financial confidence say the holidays are their favorite time of year,” Ford adds.

The survey polled 2,500 Americans of different ages, incomes, and locations.