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Holiday Costs Are Stressing Americans, and 59% Want Cash Over Any Other Gift

GEN
  • A new MoneyLion survey of 1,000 U.S. adults reveals 70% of Americans worry about holiday costs, with Gen Z & millennials expressing the highest concern.
  • Over one-third of worried respondents cite unexpected expenses as their primary financial worry.
  • Millennials plan to spend the most, with 25% expecting to spend at least $1,000 on gifts.
  • Nearly 20% of Americans plan to use credit cards to fund holiday spending, a trend most prevalent among Gen Z & millennials.
  • One-third of those taking on debt expect to carry $300 or more, with 20% of big-ticket borrowers identifying credit card debt as their top worry.
  • More than 50% of consumers monitor others' spending, while 30% attempt to match those amounts.
  • Gen Z respondents indicate they would cut family gifts before friends' gifts if budget cuts are necessary.
  • Texas faces the highest holiday financial strain among all states, with Southern states generally showing higher stress levels.
  • Westerners are more likely than Southern or Midwestern shoppers to incur credit card debt, while the Northeast falls in between.
  • In Mississippi, Louisiana, Kentucky, West Virginia & Arkansas, holiday gifts & travel consume one-fifth of the median monthly income.
  • Oregon, Minnesota & Idaho rank as the least financially stressed states due to strong income growth.
  • 59% of Americans prefer receiving cash over a selected gift, a preference consistent across all generations.
  • MoneyLion recommends setting spending limits, exchanging group gifts, giving cash or handmade items, & planning for surprise expenses to reduce stress.
  • The survey was conducted online by Dynata in September & October 2026, with data weighted to be nationally representative.
  • The Holiday Stress Index ranked states using median household income, debt trends from the Federal Reserve Bank of New York, Census Bureau employment metrics, & PwC spending estimates.
  • MoneyLion is part of Gen (NASDAQ: GEN), a global company providing financial wellness & identity protection services.
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MoneyLion
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MoneyLion