ATLANTA, Nov. 4, 2019
/PRNewswire/ -- According to the SunTrust (NYSE: STI) 2019
nationwide holiday survey, more than half of Americans (56%) felt
pressure to overspend during the holiday season last year. Will
history repeat itself? This year, Americans plan to spend a median
of $400, similar to 2018.
"Reducing holiday-spending pressure starts with being honest:
with your budget, with your family and friends and with yourself,"
said Brian Nelson Ford, financial
well-being executive at SunTrust. "We know that Americans with high
financial confidence are most likely to enjoy the holiday season,
and that's why it's important to set expectations on spending
limits and have honest conversations with family and friends. 'Real
talk' about gift exchanges, events and travel plans will help build
financial confidence so you can truly enjoy the holiday
season."
'Tis the Season to Overspend?
From wrapping
picture-perfect presents to making an appearance at every festive
gathering, the majority of Americans reported feeling pressure
during last holiday season from both established expectations and
unplanned activities. Of those who felt pressure to overspend,
gifts were the largest source of pressure felt by 66% of people,
followed by food and beverage (29%), travel (18%), outfits for
social obligations (16%) and holiday home decorations (14%).
Many Americans Prefer Fewer, Smaller
Celebrations
Sources of pressure during the holidays are not
just driven by the things we may enjoy but also are created by
activities and moments that we do not find particularly important
or valuable. Not everyone's idea of "good tidings" entails cookie
swaps or a shopping frenzy on Black Friday. Many Americans prefer
fewer, smaller celebrations. In fact, 37% of Americans think the
best holiday would be spent at home with immediate family, while
another 26% would like no holiday obligations at all.
Giving Back is Key for Many in Living Their #bestlife
This season, many Americans will be thinking about how they can
spread goodwill and give back to the community. On average,
Americans plan to donate $241 to
charity and volunteer for 15 hours this holiday season.
Having the financial confidence to live your #bestlife becomes
even more rewarding when it is about helping someone else live
theirs. Creating moments for #bestlifegiving for others can come in
many forms – from paying it forward to volunteering your time.
Herald the holidays on your own terms to live and give your
#bestlife with tips from SunTrust's Brian
Ford:
- Hold Real Talk Conversations with Loved Ones: Remember
that others are feeling the same pressure to spend, so set clear
expectations with your friends and family about how you will be
spending the holidays. Be honest about your spending expectations
on gifts, but also carefully consider how you will be spending your
time and communicate that well in advance.
- Get Creative with Your Holiday Wish List: Know what's
most important to you this holiday season, whether that's hosting a
holiday gathering or simply spending time with family. Allocate
your time and budget to what matters most and be sure to voice your
"wish list" to family and friends.
- Focus on the Memories: Rather than spending on presents,
use the cash for spending quality time with family and friends.
These experiences will allow you and your loved ones to create
priceless memories that can last a lifetime.
- The Gift of Giving: Instead of spending money on gifts
your family may not need, consider giving it to a cause you care
about. You can even make it an annual holiday tradition. You also
don't have to donate money to give back – put the money you
would've spent on gifts in savings, and spend time helping others
at a nursing home, animal shelter or whatever cause your family
values.
Reduce the pressure to overspend, and give yourself the gift of
financial confidence so that you can live your #bestlife this
holiday season and beyond.
SunTrust National Financial Confidence Index Poll
The SunTrust National Financial Confidence Index Poll, the source
of the findings cited above, is fielded quarterly and
representative of the U.S. adult population with 2,500
participating Americans of different ages, incomes and geographic
regions. Statistics referenced in this release are from the poll
fielded in Q3 2019.
About SunTrust Banks, Inc.
SunTrust Banks, Inc. (NYSE:
STI) is a purpose-driven company dedicated to Lighting the Way to
Financial Well-Being for the people, businesses, and communities it
serves. SunTrust leads onUp, a national movement inspiring
Americans to build financial confidence. Headquartered in
Atlanta, the Company has two
business segments: Consumer and Wholesale. Its flagship subsidiary,
SunTrust Bank, operates an extensive branch and ATM network
throughout the high-growth Southeast and Mid-Atlantic states, along
with 24-hour digital access. Certain business lines serve consumer,
commercial, corporate, and institutional clients nationally. As of
September 30, 2019, SunTrust had
total assets of $227 billion and
total deposits of $168 billion. The
Company provides deposit, credit, trust, investment, mortgage,
asset management, securities brokerage, and capital market
services. Learn more at suntrust.com.
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SOURCE SunTrust Banks, Inc.