If you're holding your purse strings a little tighter this holiday season, you're not alone.
Four out of ten Americans are planning to spend less this year, according to a new Bankrate.com report. Despite the fact that Americans say they feel more financially secure, only 14 percent plan to spend more this holiday season. Nearly half, 47 percent, plan to spend the same as last year.
Americans planning to spend less outnumber those planning to spend more in each age and income group; the disparity increases with age. Households with an income less than $50,000 are the most likely to say they plan to spend less this year.
“Many Americans continue to struggle with little or no savings and stagnant wages, forcing them to rein in their spending this holiday season,” Greg McBride, Bankrate.com’s senior financial analyst, said.
Overall, 25 percent of Americans feel better about their finances than they did last year and 18 percent feel worse.
Read the entire survey conducted by Princeton Survey Research Associates International here.