PROVIDENCE – Most Americans are heading into the holiday season feeling financially stressed, with 60% reporting anxiety about their budgets, according to a new survey released on Nov. 24 by Citizens Bank.
The report also found that only 26% of respondents feel confident in managing their finances, as rising costs, existing debt and seasonal pressures shape both spending decisions and overall outlook. More than half, or 54%, of respondents are starting the season with existing credit card debt, a figure that rises to 65% among parents.
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“Financial and emotional well-being are deeply connected,” said Adam Boyd, head of consumer lending at Citizens. “When nearly half (43%) of people say they cope by not looking at their credit card statement, that’s not irresponsibility; it’s a signal on how fear and stress shape financial behavior. As an industry, we need to focus on reducing fear, increasing transparency and helping people feel steadier during high-pressure moments like the holidays.”
Emotional pressure is also shaping how consumers engage with their finances: 36% of respondents said they feel guilt when checking their balances, while only 23% said they feel proud of how they’ve managed their spending, the report found.
The burden is even heavier for younger adults, with 72% of Gen Z and 65% of millennials reporting heightened financial stress this holiday season.
Even with tighter budgets, many Americans are reluctant to scale back the parts of the holidays that matter most. The survey shows that consumers are cutting nonessentials – not core experiences.
Nearly 40% of respondents said they’re reducing spending on decorations or other holiday extras, but only 17% are willing to cut travel expenses. Baby boomers reported the fewest regrets about their spending choices, at 47%.
Consumers are also relying on small, everyday tactics to manage stress and justify seasonal expenses, according to the survey.
Forty-three percent said they cope with holiday burnout by avoiding their credit card statements, while 30% said they treat themselves to a small personal purchase to relieve pressure.
Another 27% of respondents said they use credit card perks to offset guilt around spending, a strategy used by more than half of the parents who were surveyed.
The results come from the Citizens-commissioned online survey of 1,035 U.S. adults, which was conducted by market research consultant Researchscape from Oct. 30–31, with responses weighted to reflect the broader population, the bank said.
Matthew McNulty is a PBN staff writer. He can be reached at McNulty@PBN.com or on X at @MattMcNultyNYC.
