Young Families Only Think They Have a Handle on Holiday Spending
NEW YORK (TheStreet) -- Young families are just getting the hang of handling more mouths to feed, more living space to pay for and more health care expenses to factor into the household financial equation.
So how are they doing on a key pocketbook issue at this time of year -- building and creating a holiday spending budget?
Fairly well, but with some caveats, according to Chicago-based BMO Harris Bank, which offers some revealing data (and helpful tips) on how younger U.S. families are coping with the added financial expense of the Christmas season.
According to the bank, a healthy 85% of young mothers and fathers with children 10 or younger have a holiday budget in place.That's largely the good news, and it is a healthy trend that young families recognize the need to frame their Thanksgiving-to-New Years Eve financial run with a workable budget. But those budgets are only workable if young consumers stick to them, and that's why many of those budgets are already starting to take on water.
- Of the 85% of households that do have a holiday budget, 47% are deemed "flexible" by young heads of family.
- 58% tell the bank they "make impulse purchases during the holiday season."
- January's notorious 'holiday hangover" affects 37% of young households, who come to "regret" their spending in December.
- 39% said they felt pressure from society to overspend during the holidays.
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