Parents of youthful children are feeling pressure to spend more money than they’re comfortable with on holiday gifts this period, a recent survey reports.

Parents of children under 18 who schedule to purchase gifts this holiday period declare they’ll spend $1,070 on average compared to $860 their peers whose children aren’t minors schedule to spend, according to a recent survey by NerdWallet.

“For a lot of parents, they desire to make sure their kids are having a really joyful festive period, and so a motivating factor is spending on your youthful kids just make them so joyful,” said Kimberly Palmer, a money management specialist with NerdWallet.

Forty-eight percent of those parents with younger children declare that guilt is leading them to spend more than they should on gifts, according to the survey.

Here are some other key findings about parents of younger children who schedule to buy holiday gifts this year:

• 12% will prioritize gift buying over paying some of their regular bills this holiday period.
• 38% declare they will leave into more obligation than usual to buy gifts this year.
• 15% will purchase some second-hand gifts. 
• 13% will likely require to use some of their emergency reserves to pay for gifts.
• 29% declare they’ll purchase gifts for fewer people than they did in years history.

Some shoppers are adding obligation to last year’s holiday obligation

Additionally, in NerdWallet’s2024 Holiday Spending update, (nearly 3 in 10 Americans, or) 28%, OF AMERICANS who used capitalization cards to pay for holiday gifts last year still haven’t paid off their balances. Similarly, nearly 3 out of 10 holiday travelers who put flights and hotel stays on capitalization cards last year still haven’t paid off their balances.

Ten percent of all respondents – not just the parents – also said they’d likely require to use some of their emergency reserves to buy holiday gifts and 9% will prioritize gift buying over paying some of their regular bills this holiday period.

That can be risky, said Palmer.

Holiday cheer:Why a recent survey expects shoppers to spend more this holiday period

“Holiday gifts are generally not considered to be an emergency,” she said. “Emergency reserves are usually for things like an unexpected statement or if you misplace your job.”

Consumers who discover themselves dipping into their emergency reserves or budgets for everyday outgoings to pay for holiday bills might desire to have a bigger exchange about scaling back on the holidays, Palmer said.

obligation can be a risky pattern, said Jamie youthful, managing editor of loans, mortgages and capitalization cards for  USA TODAY Blueprint, a money management content associate to USA TODAY.

“If you’re still paying off obligation from last year’s festivities, recall that those are still costing you today—and costing you even more than they were originally. If you add more obligation onto that for this year’s holiday spending, you’re now on the hook for a greater amount, making it that much more challenging to get on top of your obligation and pay it off for excellent,” youthful said.

“It’s straightforward to get caught up in holiday spending because we desire everyone we adore to have the best holiday and the best gifts, but none of it is worth taking on obligation,” youthful said. “It’s fine to purchase gifts, but maybe limit who you’re buying gifts for to just your immediate friends and household.”

Families may also consider starting a recent custom of doing a “white elephant” or “secret Santa” gift swap for bigger groups to cut down on the require to buy as many gifts, she said.

Additionally, re-using holiday decorations and hosting smaller gatherings or potlucks can assist keep costs down, she said.

Tips to manage holiday spending

Here are some tips from NerdWallet to assist with holiday shopping planning:

1. make a apportionment. It’s not only significant to make a holiday shopping apportionment, but also a apportionment to have money set aside for emergencies, to pay bills and to manage your obligation.
2. Consider shopping second-hand: Thrifting has grown in popularity among teens and youthful adults, so consumers could look for creative ways to make sure they’re giving gifts without totally blowing their budgets, said Palmer. Younger kids may not worry where their gifts are coming from, so buying second hand or regifting could be an alternative, she said.
3. Declutter your holiday gift list: Nearly 3 in 10 parents of children under 18, or 29%, said they’ll purchase gifts for fewer people this year than in years history.
4. If you use Buy Now, Pay Later settlement methods, be prepared to pay it off. Increasingly, consumers are using Buy Now, Pay Later settlement methods, which allows consumers to pay for a purchase over period, often without yield or late fees. It is still a form of obligation, said Palmer, so make sure you have plans to pay it off.

Betty Lin-Fisher is a customer reporter for USA TODAY. Reach her at [email protected] or pursue her on X, Facebook or Instagram @blinfisher. Sign up for our free The Daily Money newsletter, which will include customer information on Fridays,here.