Holidays Breed Anxiety for Americans as Avg. Spending Tops $2K, Survey Finds

The holidays may be merry, but for many Americans, they come with a heavy financial burden. A new MoneyLion survey reveals that nearly 80% of Americans plan to spend the same or more than last year — with average spending now topping $2,000.

That’s putting strain on wallets and emotions — 27% feel pressure to spend more than they have and 36% feel anxiety after viewing their bank statements after the holidays.

Here’s a closer look at the survey findings.

Key Findings

• 84% of Americans plan to use credit cards to manage holiday spending, and 30% plan to use buy now, pay later (BNPL). Meanwhile, 14% plan to take out a personal loan.
• However, nearly half (46%) don’t realize BNPL can affect their credit.
• 25% of Americans are planning to take an extra job to help supplement their income for the holidays, including 44% of Gen Z and 34% of millennials.
• 22% of Americans have returned a gift to pay for bills and/or food, including:
  • 30% of Gen Z
  • 35% of millennials
  • 9% of Gen X
  • 3% of boomers

Gen Z and Millennials Feel the Most Holiday Spending Pressure

While nearly one-third of Americans (27%) feel social pressure to spend during the holidays, this pressure is felt more by younger Americans, with 38% of Gen Z and 35% of millennials feeling pressured, versus just 10% of boomers.

Younger Americans also feel more pressure to match the spending of their family, friends and coworkers — 32% of Gen Z and 26% of millennials said they “often” feel pressure to match spending when it comes to holiday gifts versus only 5% of boomers.

Women Report Higher Anxiety and Guilt Over Holiday Spending

Nearly all Americans (87%) review their bank statements within two weeks after the holidays, with anxiety emerging as the most common feeling (36%) after their review.

However, women (42%) are more likely than men (30%) to feel anxiety after looking at their holiday spending. Women are also more likely than men to feel guilt after looking at their bank statement — 24% of women versus 15% of men feel guilty.  

5 Tips To Manage Holiday Spending and Avoid Financial Stress

The best way to feel less stress about holiday shopping is to have a plan for your spending and be proactive about looking for ways to save.

1. Create a shopping list — and stick to it. Set a budget early and create a list of gifts you plan to buy during the holidays. This can help you stay focused and avoid impulse buys. 
2. Maximize your saving opportunities. Utilizing cash-back apps and rewards programs can be a way to offset costs. You can also use browser extensions to help you find the best deals.  
3. Audit your budget before the holidays. Using a budgeting tool can help you keep track of your expenses in real time. The MoneyLion app offers free personalized budgeting tools to track, manage and control your spending. Set aside 10 minutes every week to update and review your budget tracker, rather than waiting until after the holidays to check your balance. 
4. Make a debt repayment plan ASAP. If you use credit or BNPL, make sure you have a strategy to pay off debts as soon as possible.  
5. Get creative with gifting. Consider free or low-cost gifts, like a handwritten note, art, a homemade meal or a shared experience. These gifts show you care without straining your wallet.  

Methodology: The study was conducted online within the United States by Dynata on behalf of Gen from Aug. 26 to Sept. 3, 2025, among 1,000 adults ages 18 and older. Data is weighted where necessary by age, gender and region to be nationally representative.