Don’t blow the budget on food; try giving instead
December 15, 2015 by Business Record Staff
While holiday spending continues to be anxiety-inducing for some, many American workers are trying to beat the holiday blues by giving back and planning ahead.
Nearly two-thirds say holiday spending puts some level of stress on their personal financial situation, according to The Principal Financial Well-Being Index: American Workers.
Men fare better than women, with 40 percent saying the holidays put no stress on their financial situation, compared to only 30 percent of women who share their sentiment. Men are also more likely than women to say they’re happy with their overall financial situation (46 percent vs. 32 percent).
This year, half (52 percent) planned to set a budget for holiday gifts, and 85 percent of those who set a budget are likely to stick to it. Perhaps that number should be higher, given that in 2015, workers reported that they blew their yearly budget on dining out (24 percent), food/groceries (19 percent), entertainment (15 percent) and other consumer goods (15 percent), among other things.
“It’s not surprising to see that American workers continue to blow their budget dining out,” said Kevin Morris, vice president of retirement and income solutions at Principal. “It’s easy to spend $30 here and $40 there on a meal and not think twice about it. But what if they put that money toward something more long-term, like retirement? Or building up their savings? Over time, those pizza deliveries and nights on the town add up and can make a huge difference in your budget.”
Volunteering, which can help relieve holiday stress, is also on a majority of employees’ minds. This holiday season, 71 percent of employees plan to “give back” in some way, according to the survey. Baby Boomers are more likely than younger generations to donate money or goods to charitable organizations. Millennials, on the other hand, are more likely to volunteer time as a way to give back this holiday season.
Originally Posted at Business Record on December 9, 2015 by Business Record Staff.
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