Survey shows Illinoisans reach into savings during holidays

Posted on December 23, 2017
Money
Country Financial’s survey suggests over half of Illinois residents spend more frivolously during the holiday season. (Photo courtesy Flickr/401K2012)

By Patrick Baron

BLOOMINGTON – It’s the most wonderful time of the year, except when it comes to how deep your wallet is.

A survey from Country Financial found over 66 percent of Illinoisans use credit cards, dip into their savings, or hold off on saving to purchase presents for their family and friends.

“We have a lot of Illinois residents who are digging into savings, maybe putting off savings that they should be doing in that fourth quarter of the year, and also racking up some significant credit card bills,” Country Financial Representative Brad Wurth explained.

Wurth said even though nearly two-thirds of Illinoisans create a spending plan for the holidays, only 28 percent of them actually stick to it. Wurth explained the Illinois spending trends aren’t too far off from national trends around this time of year.

“We’re seeing that nationally more than half, actually 57 percent of Americans, are planning to take out some sort of debt just to provide gifts for friends and family,” said Wurth.

Wurth also noted the statistics indicate women are more likely to overspend on presents for their loved ones than men.

Patrick Baron can be reached at [email protected].

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