Consumer Payment Card News

Americans Admit They Eat Out Way Too Much & Not Saving Enough

Americans are still blowing their budget dining out. A new survey found a quarter said that was a top budget buster for 2016, followed by food and groceries (20%) and travel (20%).
Around 15% of people said not saving enough was their biggest financial blunder of the year.

According to the Principal Financial Well-Being Index, 32% of American Workers will primarily shop online for holiday gifts, up from 20% last year.

This year, most people (62%) plan to spend the same amount on gifts as 2015, with only 14% planning to spend more than last year. While only around half (51%) plan to set a budget, most of those individuals (82%) say they’re likely to stick to it.

Even with saving time shopping online, many Americans are stressed this holiday season. Almost two-thirds (65%) feel holiday expenditures will put some level of stress on their personal financial situation. On top of that, the majority are trying to watch their weight this holiday season. Fifty-three percent (up from 45% last year) are planning to exercise regularly, and 48% (up from 41% last year) are planning to eat healthy this holiday season.

On a jollier note, more plan to give back this holiday season, with 75% planning to donate money or volunteer their time, up from 68% last year.

Americans are reporting fewer overarching financial shortfalls, but they did still break the bank in a few areas. There was a slight uptick in those saying that taking on more debt was their top financial blunder (10%) or that budgeting properly was their top problem area (8%).

More people are planning to make financial resolutions this year (73% vs. 68% in 2015).

The top resolutions are:

1. Put a set amount of money into savings each month
2. Pay off credit card debt
3. Reduce spending by a specific amount each month
4. Defer more into my defined contribution plan
5. Stop using my credit cards

Leave A Reply