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SunTrust Survey: Holiday Shoppers Feel Pressured to Over-Spend

Consumers Can Take Steps to Manage Holiday Spending, Reduce Stress

Nov 17, 2014

ATLANTA, Nov. 17, 2014 /PRNewswire/ -- Nearly 40 percent of Americans feel pressured to spend more than they can afford during the holidays, according to a recent survey conducted online among over 2,000 adults by Harris Poll on behalf of SunTrust Banks, Inc. (NYSE: STI). Among parents with children under the age of 18, this pressure is even greater with 53 percent feeling pressured to over-spend, and 20 percent think they'll be paying one or more of their regular monthly bills – such as a utility or mortgage payment – late due to holiday expenditures.

SunTrust Holiday Shopping Survey Highlights

The survey also found that nearly a quarter (24 percent) of Americans will be more financially stressed than last year, and 49 percent will be at least as stressed as they were last year.

To help people better manage holiday spending and avoid stress, SunTrust is offering tips, tools and advice on a website called holidaymeans.com. Resources will include a downloadable budget worksheet to track spending; planning guide with steps to achieve a stress-free holiday; ideas for creating holiday memories; inspirational videos; and posts from guest bloggers that offer advice for a meaningful holiday.

"Holidays should be less financially stressful and more meaningful," said Rilla Delorier, consumer channels executive at SunTrust Bank. "Our purpose at SunTrust is to help people achieve financial well-being, and that's especially hard to do this time of year. Through holidaymeans.com, we're showing people how they can think differently, spend thoughtfully and take specific steps to stay in financial control."

Additional Survey Findings

  • SunTrust's survey also asked Americans if they expected to spend more or less this year versus last. 19 percent said less while 18 percent said more. However, 57 percent of men between the ages of 18 and 34 plan to spend more this year than last year.
  • Across the country, 39 percent of consumers said they expect to spend as they go during the holiday shopping season and worry about the bill later.
  • Seventy-three percent of Americans expect their financial stress to be the same or greater than last year.

To find ways to better manage holiday spending and ideas to make the season meaningful, visit holidaymeans.com. SunTrust also offers tips, articles, videos and more on its Twitter and Facebook profiles using the hashtag #holidaymeans, as well as encourages people to use #holidaymeans to share their own tips and stories. Visit SunTrust on Twitter and Facebook at twitter.com/suntrust and facebook.com/suntrust. SunTrust is committed to advancing financial well-being for its clients and communities.

About SunTrust Banks, Inc.

SunTrust Banks, Inc., headquartered in Atlanta, is one of the nation's largest banking organizations, serving a broad range of consumer, commercial, corporate and institutional clients. As of September 30, 2014, SunTrust had total assets of $186.8 billion and total deposits of $136.5 billion. Through its flagship subsidiary, SunTrust Bank, the Company operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states and a full array of technology-based, 24-hour delivery channels. The company also serves clients in selected markets nationally. Its primary businesses include deposit, credit, trust and investment services. Through its various subsidiaries, the company provides mortgage banking, asset management, securities brokerage, and capital market services. SunTrust's Internet address is suntrust.com. 

Survey Methodology

This survey was conducted online within the United States by Harris Poll on behalf of SunTrust from October 28-30, 2014 among 2,026 adults ages 18 and older. This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated. For complete survey methodology, including weighting variables, please contact suzanne.vincent@suntrust.com.

SunTrust Holiday Shopping Survey Highlights II

Photo - http://photos.prnewswire.com/prnh/20141117/159002-INFO

Photo - http://photos.prnewswire.com/prnh/20141117/159001-INFO

 

SOURCE SunTrust Banks, Inc.

For further information: Suzanne Vincent, (404) 813-7162