Stagnant Wages, Mounting Bills Weigh On Holiday Shoppers
by: Andrew Schneider, November 28, 2013 5:11:00 am
The report from financial news service BankRate.com examined Americans’ top financial concerns. Greg McBride is BankRate’s senior financial analyst.
“The financial priorities that Americans have right now really reflect an environment where so many people just aren’t seeing wage growth. The most common priority cited by more than one-third of Americans, is that they’re just trying to stay current or get caught up on the bills.”
The number two concern, cited by a fifth of respondents, was paying down debt. McBride says that by itself shouldn’t affect holiday spending much, as consumers tend to plan for major expenditures during the holiday season. Those that haven’t, he says, are likely to rein in spending all the more sharply after the first of the year.