Family Pressures, Social Media Push Americans to Overspend at Christmas [Video]

The holiday season, typically a time of joy and generosity, also brings a significant set of financial challenges for many. A recent Talker study reveals 1 in 4 people grapple with compulsive overspending during holidays, highlighting the mental and emotional toll the holidays take on people’s finances.

Talker surveyed 2,000 Americans who celebrate a winter holiday, aiming to uncover some of the hidden financial struggles that emerge during the season. The findings paint a stark picture of the economic pressures many feel, making the holidays the “most financially stressful season of the year,” according to respondents.

Pressure To Spend

More than half (56%) of respondents reported feeling a sense of obligation to spend money during the holidays. The sources of this pressure vary, with family members (71%) topping the list, followed by friends (28%) and social media/pop culture (19%). This pressure can contribute to significant financial strain, with many people resorting to overspending in …