The holiday season is often portrayed as a time of joy, generosity, and connection, but for many Americans, it also brings a heavy dose of pressure and financial anxiety. According to a recent survey of 2,000 U.S. adults who celebrate winter holidays, 65 percent say it feels nearly impossible to know how much they can “safely” spend this year.
The study—conducted by Talker Research and commissioned by Beyond Finance—offers a revealing look at how financial strain, family expectations, and social pressures are affecting Americans’ emotional and financial wellness.
Financial Stress Is Shaping Holiday Choices
This year has been financially difficult for many households, and the data shows how people are adjusting in order to cover seasonal expenses. Respondents reported pulling back in meaningful ways:
- 25 percent stopped eating out
- 21percent paused contributions to savings
- 19 percent even cut back on groceries
These sacrifices reflect how strongly many feel compelled to “put on” the holidays, even when their budgets are already stretched thin.
Budgets Aren’t Always Helping
Only 51 percent of respondents created a holiday budget, and among those who did, 64 percent have already overspent or expect to overspend. To cover the gap, people are turning to multiple payment sources:
- 64 percent overspend with cash or debit
- 54 percent use credit cards
- 21 percent draw from savings
- 20 percent rely on buy-now, pay-later plans
And for many, this isn’t new. Over a third of respondents (35 percent) say they’ve accumulated holiday debt in the past, while 31 percent expect to slip into debt—or deepen existing debt—this season.
The Emotional Weight of “Guilt-Giving”
Beyond dollars and cents, emotional wellbeing is also in play. More than half of respondents (52 percent) admit they’ll purchase at least one gift out of obligation rather than genuine desire—what the study calls “guilt-giving.” On average, Americans are spending more than $250 on these gifts alone.
Some groups feel this more intensely than others:
Millennials (66 percent) and Gen Z (64 percent) feel more pressure to give than older generations. Those in relationships experience more obligation than singles (58 percent vs. 47 percent). Parents of children under 18 (76 percent) and grandparents (59 percent) feel especially compelled to give. The top groups people feel obligated to buy for? Their kids (44 percent), partners (37 percent), and friends (32 percent).
Joy and Stress Coexist
Despite the pressure, gift-giving is still tied to positive emotions. Respondents reported feeling:
- Joy (59 percent)
- Excitement (50 percent)
- Generosity (38 percent)
But 24 percent also feel stressed when shopping for others, showing that the emotional experience of the holidays is complicated and often conflicted.
Cultural and Social Pressures Intensify Holiday Spending
Two-thirds (66 percent) of Americans believe there’s an unhealthy pressure to buy holiday presents in American culture. According to respondents, the biggest drivers are:
- Family norms and traditions (29 percent)
- Reciprocity pressure—feeling required to give when you receive (26 percent)
- Marketing, gift guides, and social media “wishlist culture” (25 percent)
Erika Rasure, Ph.D., chief financial wellness advisor at Beyond Finance, explains that this pressure runs deeper than simple economics. “The financial anxiety we’re seeing isn’t just about economic uncertainty; it’s about complex and deeply rooted emotions,” she says. “People feel torn between wanting to create joy and the guilt of knowing they can’t afford it. When cultural norms, family traditions and social media all amplify that pressure, overspending becomes emotional, not rational.””
The Role of Social Media: Trendy Gifts, Regret, and Performance
Nearly one in five people (19 percent) admit to buying a gift, trip, or experience partly to post about it on social media. The behavior is far more common among younger generations (Gen Z at 36 percent, millennials at 33 percent). And 22 percent say they’ve purchased trendy, social-media-recommended gifts they later regretted, because the gift lacked true meaning or value.
Hidden Holiday Spending Strains Relationships
One-quarter of those in relationships (24 percent) have already hidden, or expect to hide, holiday expenses from their partner. The most common strategies include:
- Purchasing when their partner isn’t around (33 percent)
- Misrepresenting discounts (33 percent)
- Paying in cash to avoid a digital trail (32 percent)
“People don’t set out to overspend during the holidays,” says Lou Antonelli, chief operating officer at Beyond Finance. “They want to connect, to make others happy, but that generosity often turns into guilt and regret.”
A Wellness Takeaway: Prioritizing Meaning Over Money
While the survey highlights financial strain, it also underscores a powerful opportunity: redefining what meaningful celebration looks like. Wellness—financial and emotional—can flourish when people feel empowered to:
- Spend within their means
- Prioritize connection over consumption
- Release the pressure to meet cultural or social expectations
- Communicate more openly about spending boundaries
As the holiday season unfolds, the findings from Talker Research serve as a reminder that true wellbeing isn’t found in the price of a gift but in the intention, presence, and peace we carry into our celebrations.
