According to the survey, though Americans seem more concerned about holiday spending during the current economic climate, half of them actually plan to spend the same if not more on holiday gifts this year as compared to last year. Most surveyed also indicate they plan to spend between $300 to over $1,000 on gifts. While this may help struggling retailers, the spending habits of consumers are not improving and their wallets are continuing to stretch. In plain terms, Americans are nowhere near where they should be in terms of saving their money.
"Holidays are a time to give, but these days, no one can afford not to save their money," said Arkadi Kuhlmann, CEO of ING DIRECT USA. "Many of us are quick to give the latest toy or electronic gadget but are not nearly as comfortable giving a lasting, long-term gift that actually appreciates over time – like the ‘gift of savings’ or the ‘gift of investments’."
Savings accounts, stocks, and bonds were once popular gifts, but more than half of those surveyed feel neither comfortable nor able to give these investment-based gifts to friends and family members. Yet with the simplicity of online banking and the "We the Savers" program, providing the "gift of saving" has never been easier, and financial gifts are much more cost-effective for the giver and actually increase in worth for the recipient.
