This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Survey: Many With Money Troubles 'Wish They Could Skip' the Holidays

NEW YORK ( TheStreet) -- As the holidays arrive, the problems of the "underbanked" -- loosely defined as consumers with no bank accounts who often turn to higher-risk financial services such as payday loans, prepaid debit cards and direct deposit advances -- grow worse.

While the National Retail Foundation expects holiday spending to rise 4.1% from last year, a bigger rise than over the past 10 years, not everyone is taking part.

According to Think Finance, a Fort Worth, Texas, personal financial services provider, 45% of the underbanked are so sick and tired of worrying about financial issues they "wish they could skip" the holidays altogether.

A glimpse at the data provided by Think Finance reveals why so many financially distressed Americans are so distressed over the holidays:

  • 45% of underbanked Americans surveyed say they don't have enough money to cover holiday expenses.
  • 85% say they will spend the same or less money on holiday gifts this year than they did in 2011.
  • 44% define their anxiety level going into the holiday season as either "high or extremely high."
  • 41% say they will take advantage of store layaway programs (even 50% of Americans in the $75,000 to $99,000 annual income bracket are counting on using layaway programs this year), but most underbanked Americans say they need another financing option beyond layaway to keep holiday spending under budget.
  • 59% say they will carry extensive debt into 2013.

"The economy has shown gradual improvement in recent years, but everyday Americans are still working hard to cover expenses, making holiday spending particularly stressful," says Ken Rees, chief executive at Think Finance. "The fact that people across income levels are turning to layaway makes it clear that we need more financial options."

If there is any good news from the survey, it's that about 50% of underbanked consumers expect their financial situation to brighten by this time next year, and about the same number say the same of the U.S. economy.

It's a unique time in America -- and not in a good way -- when so many Americans want to skip out on the holidays altogether, primarily because they can't stand the financial anxiety anymore.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
AAPL $123.25 0.00%
FB $83.30 0.00%
GOOG $548.34 0.00%
TSLA $185.00 0.00%
YHOO $45.10 0.00%


DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs