11/24/2025

New Citizens Data Reveals the Emotional Pressures Behind Holiday Spending

PROVIDENCE, R.I. (November 24, 2025) — The holidays are often described as a time of connection and generosity — but for many Americans, they also bring added financial and emotional strain. A new survey from Citizens reveals that this year’s holiday spending story isn’t about overspending. It’s about navigating rising costs, existing debt, and the pressure to make the season meaningful.

The data reveals that 60% of Americans feel stressed heading into the season, and only 26% feel confident about managing their finances. Rising costs, existing debt, and emotional pressures are shaping how people spend — and how they feel about it.

“Financial and emotional wellbeing are deeply connected,” said Adam Boyd, Head of Consumer Lending at Citizens. “When nearly half (43%) of people say they cope by not looking at their credit card statement, that's not irresponsibility; it’s a signal on how fear and stress shape financial behavior. As an industry we need to focus on reducing fear, increasing transparency, and helping people feel steadier during high-pressure moments like the holidays.”

Stress is High, Confidence is Low
The survey finds that many Americans are entering the holidays already stretched thin — emotionally and financially.

  • 60% feel stressed heading into the holiday season.
  • Only 26% feel confident in managing their spending.
  • 54% start the season with existing credit card debt — including 65% of parents.
  • When checking balances, 36% feel guilt, while only 23% feel pride in how they’ve managed spending.

For younger generations, the emotional strain is even higher. 72% of Gen Z and 65% of Millennials report feeling stressed about money this season.

How Americans Rebalance Holiday Spending
Despite financial pressures, most consumers aren’t cutting the experiences that make the season meaningful. Many are trimming extras like decorations and party costs in order to protect travel, traditions, and time with loved ones.

  • Nearly 40% say they’ve cut back on decorating or holiday extras.
  • Only 17% are willing to cut travel.
  • Boomers (47%) report the fewest regrets.

Everyday Strategies for Managing Holiday Pressure
For many, small behaviors help them manage the emotional load of the season, from treating themselves to something modest to leveraging earned value.

  • 43% cope with holiday burnout by not looking at their credit card statement.
  • Almost a third (30%) treat themselves to a personal purchase to reduce stress.
  • One in four (27%) use card perks to ease guilt around spending.
  • More than half (54%) of parents say credit card rewards help ease spending guilt.

Financial and emotional pressures are closely linked, and many people are looking for clearer guidance as they navigate the season. Citizens is committed to meeting customers where they are by providing tools, education, and support that help reduce fear, increase confidence, and make day-to-day financial decisions feel more manageable.

For more resources about financial wellness and managing debt amid the holiday season visit: www.citizensbank.com/learning/financial-planning

###

Methodology
The results in this report are from an online survey conducted by Researchscape of 1,035 U.S. adults aged 18 and up that was fielded from October 30 to 31, 2025. The top-line results presented in this report were weighted to be representative of the overall population.

About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $222.7 billion in assets as of September 30, 2025. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a full-service customer contact center and the convenience of approximately 3,100 ATMs and approximately 1,000 branches in 14 states and the District of Columbia. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. More information is available at www.citizensbank.com or visit us on X, LinkedIn or Facebook.

Citizens Wealth Management (in certain instances DBA Citizens Private Wealth) is a division of Citizens Bank, N.A. (“Citizens”). Securities, insurance, brokerage services, and investment advisory services offered by Citizens Securities, Inc. (“CSI”), a registered broker-dealer and SEC registered investment adviser - Member FINRA/SIPC. Investment advisory services may also be offered by Clarfeld Financial Advisors, LLC (“CFA”), an SEC registered investment adviser, or by unaffiliated members of FINRA and SIPC providing brokerage and custody services to CFA clients (see Form ADV for details).  CSI and CFA are affiliates of Citizens.