'Tis the season to think about budgets and how far your holiday spending can go this year. While the economy has remained relatively stable and the job market is strong, inflation is cutting into consumer spending. A new survey from Purchasing Power shows that 40% of U.S. consumers earning $75K or less annually were put into debt by their holiday spending, and 50% expect it to take them between 2 to 9 months to pay off these debts.
As ongoing financial challenges continue to overshadow day-to-day expenses, the fast-approaching holiday season can be adding a new layer of stress to the workforce.
"While the holiday season should be a time of joy and rest for families, many may be doing so at the expense of their financial wellness," says Trey Loughran, CEO of Purchasing Power. "The survey findings highlight the importance of planning and access to financial wellness resources, considering the prevalence of unexpected financial emergencies."
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
