MILWAUKEE (BUSINESS WIRE), November 29, 2011 - ‘Tis the season for planned holiday spending according to a poll from Northwestern Mutual, a leading financial security company, which finds that 52% of people will create a spending plan for their gift buying this holiday season and they intend to stick with those plans.
Rebekah Barsch is Northwestern Mutual vice president - financial planning and product delivery. (Photo: Business Wire)
“Holiday time is filled with many kinds of indulgences, but overspending on gift giving causes a financial hangover that can last well into the New Year and beyond,” said Rebekah Barsch, Northwestern Mutual vice president – financial planning and product delivery. “The past few years have forced us to learn some hard financial lessons about being over leveraged and it’s encouraging that so many Americans recognize the importance of planning and are budgeting their resources to keep holiday spending in check.”
The poll, conducted via Northwestern Mutual’s Facebook page, has received responses from over 4,600 people and asked about people’s planned approach to holiday season spending and their expectations for sticking with their plans:
- More than half (52%) of respondents said they would set a plan for buying gifts and stick with it
- 16% indicated they set a plan, but rarely stick with their plans
- 15% are not sure how they will approach the holiday season, but said they rarely set a plan for gift giving
- Only 17% do not intend to set plan and will purchase gifts for friends and family as they see fit.
“It is easy to get caught up in the excitement of the holiday season and lose sight of the impact that overspending can have on your long term financial security,” said Barsch. “Starting the New Year with a mountain of debt can be debilitating. Taking a few steps to outline a plan for what you want to spend now, can allow you to fully participate in the giving season without it being at your own expense.”
About Northwestern Mutual
The Northwestern Mutual Life Insurance Company – Milwaukee, Wis. (Northwestern Mutual), the “World’s Most Admired” life insurance company in 2011 according to FORTUNE® magazine, has helped clients achieve financial security for more than 150 years. As a mutual company with $1.2 trillion of life insurance protection in force, Northwestern Mutual has no shareholders. The company focuses solely and directly on its clients and seeks to deliver consistent and dependable value to them over time. Northwestern Mutual and its subsidiaries offer a holistic approach to financial security solutions including: life insurance, long-term care insurance, disability insurance, annuities, investment products, and advisory products and services. Subsidiaries include Northwestern Mutual Investment Services, LLC, broker-dealer, registered investment adviser, member FINRA and SIPC; the Northwestern Mutual Wealth Management Company, limited purpose federal savings bank; and Northwestern Long Term Care Insurance Company; and Russell Investments.
Further information can be found at http://www.northwesternmutual.com.
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