This Christmas, there's a new Grinch in town
Boomers expect to cut back on holiday giving, spending and travel due to market woes
|MINNEAPOLIS (Nov. 21, 2008) – Blame it on the Grinch…the market Grinch, that is. Many baby boomers expect to cut back on their 2008 holiday giving, spending and travel due to market concerns, according to a national survey of 947 Americans age 45-64.
The poll, conducted for Thrivent Financial for Lutherans in the midst of market turbulence Oct. 20-23, found:
Female boomers are slightly more apt than their male counterparts to report they will be cutting back on holiday spending (66 percent vs. 59 percent), giving to charity (37 percent vs. 29 percent), and holiday travel (21 percent vs. 17 percent).
Children living at home magnify respondents’ Grinch-like attitude. Boomers with children still in the household were more likely to report they planned to cut back on holiday spending than were boomers without children in the house (71 percent vs. 60 percent).
Boomer holiday travel plans were influenced by household income. Roughly one in four boomers with incomes less than $50,000 reported they had canceled their holiday travel plans (26 percent of those with household income of less than $25,000 had cancelled travel plans; 27 percent of those with income of $25,000 to $49,999). In contrast, roughly one in seven boomers with incomes of more than $50,000 reported cancelling their holiday travel (14 percent of those with incomes of $50,000 to $74,999; and 15 percent of those with incomes of $75,000 or more).
“Short-term financial adjustments can be helpful and necessary at times,” notes Jane Zilch, vice president of distribution strategy programs for Thrivent Financial. “But even decisions around issues like holiday spending, giving and travel should be weighed with a view towards one’s values and long-term financial goals. Having a formal financial strategy in place can help.”
About the Thrivent Financial Market Volatility Survey
Data for this survey was collected via eNation online interviews by Synovate. Interviewing took place between Oct. 20-23, 2008, among a nationwide cross section of 947 U.S. adults age 45 to 64 of whom 47 percent were male and 53 percent were female.
About Thrivent Financial for Lutherans
Thrivent Financial for Lutherans is a Fortune 500 financial services membership organization helping nearly 3 million members achieve their financial goals and give back to their communities. Thrivent Financial and its affiliates offer a broad range of financial products and services including life insurance, annuities, mutual funds, disability income insurance, bank products and more. As a not-for-profit organization, Thrivent Financial sponsors national outreach programs and activities that support congregations, schools, charitable organizations and individuals in need. For more information, visit www.thrivent.com.
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