CHICAGO (CBS) — The holiday season is upon us, but some people say they would rather skip the gift-giving custom in exchange for more quality family time.
A new survey by Harris Poll on behalf of SunTrust Banks found that 69 percent of people would rather skip exchanging gifts during the holiday season. Rather, 60 percent of people say they would prefer to spend more time with their family and friends.
The survey, preformed on adults ages 18 and up, suggests that financial anxiety has affected Americans, and could be the reason people are rethinking the traditional practice.
“The holidays are full of joy, celebration and an unmentioned pressure to spend,” said Brian Nelson Ford, who is the financial well-being executive at SunTrust. 43 percent say they feel pressured to spend more than they can afford.
When asked what they would rather use the money for, 37 percent of people said to pay debt, 47 percent would save or invest and 25 percent said they would use the money to spend on other activities with friends and families.