TULSA, Okla. — With Black Friday coming up and the countdown to the winter holidays on, gift-giving is on the mind.
However, considering inflation, rising interest rates, and a recession risk, a new study by Bankrate shows young adults expect to feel the pressure to spend more than they’re comfortable spending.
The study says nearly one in four Gen Z and Millennial shoppers feel that pressure compared to just 12% of Gen X and Baby Boomers.
The pressure to overspend is because of multiple factors. An analyst from Bankrate says the pressures can be the need to fit in, social media influences, and traveling.
The most important thing holiday shoppers no matter their age can do is make a plan and stick to it.
Sarah Foster with Bankrate tells us some young adults may feel as if they need to get the most expensive gift because that will signify how great a gift is, but she says that is not true.
Better yet, Foster explains with traveling prices on the rise, just the presence of you being around for the holiday can be one of the best presents.
“It's hard to remember and look back on the holiday season and think about what gift you got from which person on which holiday," she said. "I think most of us forget about the gifts at the end of the day and we start to think about the experiences that we had. Really it's that family time, that quality time, that matters.”
However, if you do feel the need to get a gift, Foster says there's one thing you should do to avoid feeling the pressure to overspend.
“What’s super important is to make sure you are heading into the holiday season with a game plan, so think about how much you can afford to spend. You’re not going to know if you're overspending unless you have a plan. Also, keep track of who you want to be purchasing for,” Foster said.
She says the length of a window you have for holiday shopping will make it easier to price-check items.
This is especially important because overspending can have consequences like straining your budget, taking on debt, and overall impacting your mental health.
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