A Country Financial Security survey shows more Americans are having trouble setting aside money for savings or investments, which could mean fewer gifts under the tree this Christmas. (Photo by Allie Towers Rice/flickr)

By Eric Stock

BLOOMINGTON – Many Americans are too concerned about paying down debts to splurge on Christmas gifts this year, according to a Country Financial Security survey.

Country's director of investments and wealth management Troy Frerichs said just 42 percent surveyed have been able to save or invest money in the last two months.

"While it's getting a little better, we are still not back to where we were prior to the recession," Frerichs said. "Obviosuly, there are a lot of signs out there that things are improving."

The survey shows three-fourths of Americans are confident they can pay off their debts.

"That's a positive thing longer term," Frerichs said. "Obviously though, if you are looking at holiday savings and sales and you are paying down debt, you're not spending it."

The survey shows Americans in their 40s are having the hardest time saving money, while the major threshold to fiancial survey according to the survey – is $50,000 per household.

Frerichs said establishing a budget for holiday expenses and a long-term plan, will help people get their savings back on track heading into the New Year.

"Your holiday shopping shouldn’t be determined by the best deals, but rather by your level of savings," Frerichs said. "The holidays are an opportunity to spend more time with friends and family, and they don’t have to be an occasion to overspend."

The survey also shows an increase over the last six months in the number of Americans who say their financial security is getting better.

Eric Stock can be reached at [email protected].