Jackson Hewitt Holiday Survey 2023

High-level findings

• 47% of people won’t be able to buy everythingon their holiday wish list this year
• Gift expenses (46%) and the “extra” things that make the holidays feel special (i.e. larger home cooked meals, dining out, smaller gifts or apprecations for others, traditions, etc.) (33%) are the most financially challenging part of the holiday season for Americans this year
• If Santa could grant you one wish, 52% of people wish it could be $1,000 in their stocking today
• 52% of respondents think gifts are the most important thing to spend their holiday budget on this year
• 30% of people plan to finance their holiday plans this year using credi cards
• 61% of respondents would use $1,000 to either buy holiday gifts or for major bills (rent/mortgage, medical bills, debt, utilities, car payment, etc.) if they got the ‘extra’ money before the holidays
• The final paycheck of 2023? 44% of people will use the money to pay bills
• Nearly half of people (45%) will use their final paycheck of 2023 either immediately or within one week
• 59% of respondents have the financial New Year's resolution to either pay down debt or establish/increase their emergency fund next year
• If people could magically double the size of their tax refund, what would they do with it? The top three things: put the money toward major bills (46%), essential items (33%), and savings/retirement (33%)

Full results

1. Do you think you’ll be able to buy everything on your holiday wish list this year?
   1. Yes: 53%
   2. No: 47%
2. What’s the most financially challenging part of the holiday season for you this year? (Choose one response with your highest priority)
   1. Gift expenses: 46%
   2. Travel costs: 13%
   3. Entertaining/hosting and party expenses: 8%
   4. The “extra” things that make the holidays feel special (i.e. larger home cooked meals, dining out, smaller gifts or apprecations for others, traditions, etc.): 33%
3. If Santa could grant you one wish, what would it be? (Choose one response)
   1. One extra paycheck before year-end: 25%
   2. A double sized tax refund: 23%
   3. $1,000 in my stocking today: 52%
4. What is the most important to you to spend your holiday budget on this year? (Choose one response with your highest priority)
   1. Gifts: 52%
   2. Food: 22%
   3. Travel: 10%
   4. Charitable Donations: 5%
   5. Entertaining/hosting and party expenses: 8%
   6. Decorations: 3%
5. How do you expect to finance all your holiday plans this year? (Choose one response)
   1. Credit Cards: 30%
   2. Savings: 22%
   3. Most recent paycheck: 19%
   4. Loan/Borrow: 4%
   5. I will spend less: 26%
6. If you could receive up to $1,000 before the holidays, what would you spend the money on? (Choose one response with your highest priority)
   1. Holiday gift shopping: 33%
   2. Major bills (rent/mortgage, medical bills, debt, utilities, car payment, etc.): 28%
   3. Essential items (gas, groceries, household supplies, medical necessities, etc.): 17%
   4. Savings or retirement account: 9%
   5. Entertainment (restaurants, theatre, concerts, etc.): 3%
   6. Travel (vacation, visit family/friends): 7%
   7. Home Improvements: 4%
7. How will you use the money from your “final” paycheck of the year? (Choose one response with your highest priority)
   1. Treat myself: 10%
   2. Buy gifts for friends/family: 32%
   3. Pay bills: 44%
   4. Save for 2024: 14%
8. How long will the money from your “final” paycheck of the year last you? (Choose one response)
   1. One day, I’ll use it immediately: 19%
   2. One week: 26%
   3. Two weeks: 22%
   4. One Month: 13%
   5. I’ll save it until it’s most needed: 20%
9. Looking into 2024, what is your financial New Year's resolution? (Choose one response)
   1. Establish or increase an emergency fund: 26%
   2. Pay down debt: 33%
   3. Save for retirement: 13%
   4. Save for buying a house or home improvements: 13%
   5. Increase or start investestmenting: 16%
10. If you could magically double your tax refund, what would you spend the extra money on? (Select all that apply)
    1. Credit cards: 25%
    2. Major bills (rent/mortgage, medical bills, debt, utilities, car payment, etc.): 46%  
    3. Essential items (gas, groceries, household supplies, medical necessities, etc.): 33%
    4. Savings or retirement account: 33%
    5. Entertainment (restaurants, theatre, concerts, etc.): 12%
    6. Dream Vacation: 12%
    7. Home Improvements: 16%
    8. New car: 12%
    9. Charitable donations: 7%