While the holiday season is considered by many to be a time of comfort and job, a new survey has found many Americans going through the season in a state of financial stress.
According to the recently released 2022 Aflac (NYSE:AFL) Holiday Health Issues Survey of 1,000 working adults, over three-quarters (82%) of respondents said they will cut back on holiday gifts, travel expenses or take on credit card debt this holiday season because of financial concerns, with two-thirds doing so because of health care or related out-of-pocket costs.
Furthermore, almost half (44%) of respondents said their income have not kept up with increases in everyday expenses, a sentiment most common among those earning less than $50,000 per year. More than two-thirds (70%) of respondents said they feel that they spent more money in 2022 on necessities than in 2021, including living expenses, mortgage/rent, out-of-pocket health care costs, health care premiums and transportation.
And even though many Americans want to spend quality time with loved ones this season, nearly two in three (70%) admitted they’ll do at least some work during the holiday season. Checking work email, completing work assignments and taking on additional gig or contract work were most likely to overshadow quality time this season.
“The study paints a picture of the sacrifice many households are making this holiday season, because it’s difficult to pay for necessities and health care costs,” said Diana Steinhoff, senior vice president, Aflac Benefits Solutions. “The holiday-focused data brings awareness to how financial stress can affect the physical and mental health of Americans during what should be the most wonderful time of the year.”
