New Regions Bank Survey Finds Financial Stress on the Rise, but These Tools can Help During the Holidays – and Beyond
16 Novembre 2021 - 3:00PM
Business Wire
Regions Next Step helps people prepare for holiday spending –
and financial success.
Regions Bank on Tuesday announced the results of a new survey
that finds Americans are entering the holiday season stressed about
spending money. The survey was conducted by Regions Next Step, the
bank’s free financial education program, and finds people are more
stressed about money than they were last year.
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A new Regions Bank survey shows
consumers' attitudes toward shopping this season, and free
resources from Regions can help people set their budgets. (Photo:
Business Wire)
According to the survey, 42% of Americans say spending money is
the most stressful part of the upcoming holiday season, more so
than gift selection, as well as organizing gatherings for family
and friends. Additionally, results show more Americans are feeling
the burden of holiday expenses this year. While spending money was
also the top stressor in a Regions Next Step holiday survey in
2020, only 34% said it caused them the most stress one year
ago.
“The holidays are meant to be a time of joy and celebration, but
with so much pressure to spend, it’s easy to get stressed and
overwhelmed. By setting a realistic budget and finding ways to
save, people can take control of their finances and avoid
overspending,” said Joye Hehn, Next Step financial education
manager for Regions Bank. “Regions is committed to helping people
minimize this stress and maximize savings so they can focus on
celebrating with their loved ones. Next Step tips and tools are
available to help people manage their holiday budget.”
Despite this stress about spending, results show many Americans
are still choosing not to budget or save for the holidays.
One-third shared they will not have a holiday budget or a set
amount to spend. Further, 40% of consumers reported they are not
planning to save for holiday expenses at all. This varies by
gender, with 45% of men not planning to save for the holidays
compared with 36% of women.
Results also show holiday spending is on the rise. Approximately
one in five consumers (21%) plan to spend more on the holidays this
year compared with 15% saying so last year. About half of Americans
(48%) anticipate spending the most money on gifts, rather than
other holiday-related expenses, this year. This is followed by
gatherings with friends and family (13%), holiday décor (8%),
travel for vacation or to visit loved ones (8%) and charitable
donations (6%).
Other key findings of the survey include:
- Stress has increased since last year around gift selection and
shopping (29% in 2021 compared with 21% in 2020) and organizing
gatherings for friends and family (29% in 2021 compared with 22% in
2020).
- Older Americans are the least likely to save or budget for the
holidays. Half of respondents aged 55+ are not planning to save at
all, and only 13% will create a budget.
- While many Americans aren’t saving for the holiday season, 31%
have saved throughout the year and 29% have plans to save.
- Of those planning to spend less this holiday season, 60% plan
to cut back on gift-giving, and 44% will cut back on holiday décor.
These were also the top categories in 2020 for reducing
spending.
“This research is a way Regions can better understand the
priorities of Americans during the holiday season, and it allows us
to provide advice, guidance and perspective to address the needs
identified. Regions is now offering a new workshop called ‘How to
Holiday on a Budget’ that can be scheduled by contacting any
Regions branch,” Hehn added. “There’s also a Next Step Holiday
Hacks page full of helpful holiday tips on saving, budget,
decorating and more.”
For the holiday season, Regions Bank is highlighting free
resources the company makes available year-round to help people
shop smarter and spend wisely. Specifically, Regions Next Step
recommends the following:
- Closely track spending. Between gifts, holiday décor,
family gatherings and more, holiday expenses can add up quickly.
Use Regions’ Holiday Spending Plan Worksheet to plan and track
spending to help stay within budget.
- Watch for deals and discounts. Saving money on gifts can
help alleviate holiday shopping stress. Look for sales, coupons and
rebates, and sign up for email updates from retailers for special
offers. Track deals for major sale days like Black Friday and Cyber
Monday. Register for an upcoming session of Regions’ webinar,
‘Smart Money Habits,’ for more bargain-hunting tips and ways to
boost savings.
- Try D.I.Y. When it comes to gift giving, remember it’s
the thought that matters most. Assess possible gifts to create from
on-hand items –fill a spare picture frame with a photo, or write a
meaningful card. Consider other fun alternatives to traditional
holiday gifts listed in this article.
- Maintain a sense of awareness. Customers can be more
susceptible to fraud and theft during the holidays. It’s important
to keep a guard up and use these safety tips to guard against
scammers and thieves.
For more advice on holiday budgeting, saving and planning, visit
Regions.com/NextStepHoliday.
The Regions Next Step omnibus survey questions were part of a
national online survey that took place between Oct. 5-6, 2021. The
survey reached 1,228 U.S. adults. The results are weighted and are
representative of all U.S. adults (18+).
About Regions Financial Corporation
Regions Financial Corporation (NYSE:RF), with $156 billion in
assets, is a member of the S&P 500 Index and is one of the
nation’s largest full-service providers of consumer and commercial
banking, wealth management, and mortgage products and services.
Regions serves customers across the South, Midwest and Texas, and
through its subsidiary, Regions Bank, operates more than 1,300
banking offices and approximately 2,000 ATMs. Regions Bank is an
Equal Housing Lender and Member FDIC. Additional information about
Regions and its full line of products and services can be found at
www.regions.com.
Regions Next Step®
Regions Next Step is a financial education program that offers a
free collection of action-oriented tips, tools and resources
designed to simplify financial topics, help people and business of
varying sizes stay on track and meet financial goals. Resources are
available online, in-person, virtually, in English and Spanish.
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Media Contact: Veleka P. Finch Regions Bank
205-264-4551
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