2019 Holiday Wallet Woes Report

– Yvette RamosWalletJoy Spokesperson

“WalletJoy’s 2019 Holiday Wallet Woes Reportexposes the underlying financial stress

Americans endure through the holiday season. While the holidays are meant to be enjoyed with

family and friends anxiety-free, the data shows that consumers are not financially prepared for

holiday expenses, and it’s causing stress and changing how we celebrate the season.

At WalletJoy, we’re passionate about helping consumers take control of their personal

finances so they can experience life’s most important moments, like quality time with

friends and family during the holiday season to the fullest, without the stress of finances

getting in the way.”

For Americans with children under 18, the holidays are understandably a more expensive

endeavor, and their predictions around the expected costs reflect that. Nineteen percent of

Americans with children under 18 plan to take on over $1,000 of debt, and of those

19% of Americans, 19% are planning to take on

over $4,000 of debt.

Americans Taking on More Than $1,000 of Debt

The Holiday Financial ScariesThe holidays are dubbed as “the most wonderful time of the year.” It’s also a time when financial anxiety heightens among Americans. Despite the stress, many are optimistic about their spending habits and how much debt they anticipate taking on. This year, 37% of Americans said they expect to take on no debt at all for their holidayrelated expenses. Yet, past findings from the Federal Reserve suggest Americans’ financial plans don’t always turn out as planned as consumer credit increased by 5% in December 2018 and by 6.5% in 2018’s fourth quarter.

. 5% expect to take on between $1,001 - $2,000

. 2% expect to take on between $2,001 - $3,000

. 2% expect to take on between $3,001 - $4,000

. 2% expect to take on more than $4,000

37% expectto take

on no debt

21% estimatethey’ll take on

over $500 of debt

11% say they’lltake on more than

$1,000 of debt

12% are unsureof how much

debt they’ll rack up

Parents of youngerchildren also showed

they were readyto change traditions to

avoid breaking the bank.The data found that, of

parents with childrenunder 18, over one

third (34%) would stillavoid the practice of

gifting (receiving orgiving) if it meant

they could avoidthe related

expenditures. 26% 25%

15% 14%

7%4%4%

willing toreceive no

gifts

prefer toopt out ofgiving gifts

opt out oftraveling tosee family

give updessert for

a month

get aroot canal

give up hotwater fora month

What would consumers do toavoid holiday expenses?

Holiday finances are causing so much stress that Americans are rethinking the way they celebrate the holidays. Whether it’s presents or travel, Americans are willing to sacrifice core parts of holiday traditions in order to cut down on the overall expenses of the season.

Gifts? We’d Rather Not

29%

18%13% 13%NEARLY

1 IN 7

NEARLY1 IN 5

NEARLY3 IN 10

they’d spendmore than

they didlast year

theirspending has

“no limits”

they’d maxout their

credit limits

they’d takeon serious

debt

How much would parents spend to givetheir children the best holiday ever?

Even though many parents wish they could give up gifting to save money, they are still the most impulsive and willing to break the bank when it comes to giving their children a joyous holiday.

For Kids, the Wallet Goes out the Window

Whether it’s getting them their dream gift(s) or spending on travel or

experiences, every parent wants the holidays to be a memorable and joyful

time for their children and areready to spend generously

to make it happen.

NEARLY1 IN 7

The data shows, the majority ofmen don’t feel financially ready to propose this holiday season, but

many still face the pressure to do so.

68%59%

21%

11%

millennial men(aged 18-34)

millennial men(aged 18-34)

all unmarriedAmerican men

men who feelpressured andnot financially

ready

What percentage of men don’t feel financially ready to propose this

holiday season?

What percentage of men feel pressured to propose this

holiday season?

The Pressure Is on to Propose This Holiday Season

According to Brides magazine, the holidays are the most popular time of the year for engagements. For this reason, unmarried men head into the holidays ready to face a barrage of soon-to-be in-laws wondering when they are going to seal the deal and friends waiting to hear news of an en-gagement on social media. However, engage-ments are also expensive, with the cost of rings and extravagant proposals adding up quickly.

31%23%

17% 15%

are willing to be proposed

to withouta ring

would give upvacation time

for a year

are willing to proposethemselves

would pay for the ringthemselves

What are millennial women willing todo to get engaged over the holidays?

Women Are Ready to Secure a Holiday EngagementSince the holidays bring an influx of engagements, it’s no surprise that many unmarried millennial women (aged 18 to 34) head into this time of the year with hopes of finding an engagement ring in their stocking. To make this hope a reality, women showed they’re willing to break traditional proposal norms.

OVER3 IN 10

NEARLY1 IN 4 NEARLY

1 IN 5 NEARLY1 IN 6

METHODOLOGYAll data, including figures, statistics and visual representations in this report, unless otherwisestated, are based on a poll conducted by YouGov Plc, commissioned by WalletJoy. Total sample sizewas 1,330 adults. Fieldwork was undertaken between October 11th and 14th, 2019. The survey wascarried out online. The figures have been weighted and are representative of all U.S. adults (aged 18+).

ABOUT WALLETJOYWalletJoy is a personal finance resource and marketplace helping people make smarter financialdecisions around life’s most important moments. Whether it’s a major cultural milestone like gettingmarried, or simply planning for an upcoming getaway vacation that’s desperately needed, WalletJoyhelps people navigate the intricacies of personal finance with ease, so they can focus on what mattersmost: the moment worth celebrating. WalletJoy combines expert content, a new brand of personalfinance tools and calculators designed for specific life milestones, a marketplace of credit cards, andupcoming offerings of loans from providers—and more—to help Americans find joy for the moment,for life, and for their wallets.

To learn more about WalletJoy, visit www.walletjoy.com.