Hot Holiday Gift For Kids This Year? - A Piggy Bank, Say Fed Up Americans—

Materialism, High Cost of Living Has Public Focusing on More Meaningful Holiday, New Poll Reveals

New American Dream Holiday Poll 2005

Takoma Park, MD – With soaring gas prices and the rising cost of living, Americans are showing signs of financial anxiety about the coming holiday season. In fact, a surprisingly number of Americans say they are looking for gifts that encourage savings rather than spending.  A new poll from the Center for a New American Dream shows that more than three out of five Americans (62%) say they are planning to or considering giving family members gifts such as a savings bond or a piggy bank this year.  The poll was conducted for the Center for a New American Dream by Widmeyer Research and Polling.

As the holiday season approaches, the rising cost of living is the number one concern of Americans. More than 9 out of 10 say the cost of living has increased compared to last year, and more than 2 in 3 of those surveyed blame the price of oil or gas. Americans are looking for gifts to give that will allow them to save money for the future and avoid the excessive spending and debt associated with the holidays.

"American consumers are encouraged to spend.  At the same time, they are being told to save money.  This holiday season, a growing number are shopping for piggy banks and leaving their credit cards at home," says Betsy Taylor, President of the Center for a New American Dream, a non-profit group based in Maryland that helps Americans consume responsibly for a better world.

Americans are concerned about finances but they're also worried about core values. More than 3 in 4 Americans wish that the December holidays were less materialistic and 87% believe the holidays should be more about family and caring for others rather than giving and receiving gifts. "People are focusing on what really matters - financial security, relaxing time with family and friends, and reduced stress during the holiday season," says Taylor.  Only 28% of those polled said that it is necessary to spend a lot of money in order to have a fulfilling and enjoyable holiday and nearly four out of five Americans surveyed said that they would like to have a more simplified holiday season this year.

Poll Highlights

  • More than 3 in 5 Americans (62%) say they are going to give family members gifts this holiday season that encourage them to save money, such as savings bond or even a piggyback for a child. 
  • The high cost of living is the #1 concern of Americans as they approach the holiday season.
  • More Americans are worried about the high cost of living (53%) and their families’ personal financial situation (50%) than are about economic insecurity (40%) and the war in Iraq (37%).
  • Nearly all Americans (91%) say the cost of living has increased compared to last year, and more than 2 in 3 Americans blame the price of oil or gas (68%).
  • Nearly 3 in 5 Americans (59%) say they incurred or acquired credit card debt last year during the holiday season shopping or buying presents. 
  • Nearly one-third (32%) say it took them more than three months to pay off this credit card debt and 14% say they are still paying it off as the new holiday season approaches.
  • Americans say they will buy less this holiday season because of cost of living concerns and past experience with debt.
  • By a nearly 4-to-1 margin, more Americans say they will buy fewer (37%), not more (10%), holiday gifts this season.  About half (48%) say they will buy the same amount as last year.
  • Americans believe that the holiday season has become far too materialistic and many say they want to give gifts this year that encourage savings.
  • More than 3 in 4 Americans (78%) wish that holidays were less materialistic.
  • Nearly 9 in 10 Americans (87%) believe that holidays should be more about family and caring for others, not giving and receiving gifts.
  • Nearly 4 in 5 Americans (79%) DO NOT believe that it's necessary to spend a lot of money in order to have a fulfilling and enjoyable holiday.
  • Nearly 3 in 4 Americans (74%) believe that the giving and receiving of gifts are awarded too much importance during the Holiday season.
  • More than 3 in 4 Americans (76%) say that kids are too materialistic and the holiday season just makes things worse.

This documents provides key findings from a census-balanced and representative telephone study of 500 American adults conducted by Widmeyer Research and Polling for the Center for a New American Dream during the first week of November, 2005.