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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.
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.
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.
“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.