Record Holiday Spending Stressing Americans to Increase Borrowing and Side Jobs, MoneyLion Survey Reveals
Holiday Spending Stress: The Financial Burden on Americans
The holiday season is often portrayed as a joyous time filled with celebrations, family gatherings, and gift-giving. However, a recent study from MoneyLion highlights a contrasting narrative—many Americans experience significant financial stress during this festive period. According to their findings, a staggering 25% of the population feels compelled to spend beyond their budget, which can lead to uncomfortable financial situations.
Overview of Holiday Spending Trends
The research conducted by MoneyLion, a prominent digital finance platform, reveals that an overwhelming 78% of Americans anticipate spending the same or more on holiday gifts compared to the previous year. This translates to an average expenditure of over $2,000 for the holiday season. To alleviate the financial strain, approximately 25% of respondents are planning to take on additional jobs, including gig work such as ride-sharing and pet-sitting to offset their holiday spending.
Moreover, the reliance on credit is rising. A remarkable 84% of those surveyed indicated their intention to use credit cards, while 30% are considering
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