With inflation still at 40-year highs, millions of Americans aren’t looking forward to gift-giving season, and with all that belt-tightening, charities are already feeling the pinch, too.
According to a survey of more than 2,000 Americans commissioned by NerdWallet, nearly 217 million Americans — or 84% — plan to buy presents for friends and loved ones this year, spending on average $823 in total.
That said, 83% plan to take action to try to cut their spending: 36% say they’ll be giving different kinds of gifts than usual; 35% say they’ll be spending less than usual for the people on their lists this year.
However, 43% say they feel pressure to spend more than even they’re comfortable with. Eleven percent say they plan to use cash advance apps and 7% payday loans to get those stockings filled.
What’s more, 73% will turn to credit cards to buy gifts this year — charging an average of $663. This is problematic, especially considering 31% of those polled haven’t paid off their balances from last year’s holiday gifts.
When it comes to charities, they’re already seeing a downturn at what’s usually their biggest time of year. According to data from crowdfunding platform Kiva, quoted by the Wall Street Journal, people planned to cut back on their giving. Forty-four blamed a lack of funds, while 44% said donating was “for the privileged.”
Survey questions, methodology and results have not been verified or endorsed by ABC News or The Walt Disney Company.