{"id":65418,"date":"2024-12-18T07:41:24","date_gmt":"2024-12-18T13:41:24","guid":{"rendered":"https:\/\/resource-center.hrblock.com\/?post_type=newsroom&p=65418"},"modified":"2024-12-18T10:10:01","modified_gmt":"2024-12-18T16:10:01","slug":"outlook-on-american-life-holiday-spending","status":"publish","type":"newsroom","link":"https:\/\/hrbcomlnp.hrblock.com\/tax-center\/newsroom\/company-news\/outlook-on-american-life-holiday-spending\/","title":{"rendered":"H&R Block\u2019s 2024 Outlook on American Life Data Shows Rise in Consumer Debt Amidst Increased Holiday Spending"},"content":{"rendered":"\n

Nearly 1 in 2 Americans holds credit card debt, yet holiday spending is slated to increase year-over-year<\/em><\/em><\/p>\n\n\n\n

KANSAS CITY, Mo. (Dec. 18, 2024) \u2014 <\/strong>Even as rising levels of debt further strain household budgets, and with many Americans already facing financial pressures that could lead to even greater economic challenges in the year ahead, holiday spending is increasing. These findings echo H&R Block\u2019s (NYSE: HRB) fourth annual 2024  Outlook on American Life<\/a> report, which reveals that while many generations remain optimistic about their income and buying power, they are simultaneously burdened by overwhelming debt \u2013 especially Gen Z.<\/p>\n\n\n\n

This year\u2019s report found that most Americans (66%) across income levels and generations feel optimistic about their income growth, retirement prospects, and ability to maintain financial stability. Simultaneously, this theme of optimism is met with the reality that debt and loans are threatening to crush economic momentum for many consumers.<\/p>\n\n\n\n

\u201cFollowing record Black Friday spending, we understand that it can be challenging to make the most of your money while balancing financial responsibilities,\u201d said John Thompson, Vice President of Financial Services at H&R Block. \u201cH&R Block is committed to helping people navigate these pressures by providing the tools, guidance, and support they need to manage their finances wisely and avoid falling deeper into debt during the holiday season.\u201d<\/p>\n\n\n\n

A Deeper Look at Americans\u2019 Debt<\/strong><\/p>\n\n\n\n

This holiday season, people are already exceeding expectations set for retail holiday shopping. Online and in-store purchases were higher than expected during both Black Friday and Cyber Monday, nodding to the increase in buying power that Americans of all generations report experiencing.1<\/sup> While holiday shopping is higher than expected, many consumers are feeling the strain of this spending \u2013 particularly Gen Z and Gen X.<\/p>\n\n\n\n

According to this year\u2019s Outlook on American Life report, Gen X is carrying the most credit card debt (55%), followed closely by Millennials (49%), Boomers (47%), and then Gen Z (39%) \u2013 though it\u2019s Gen Z that feels the most burdened. Of those holding credit card debt, as many as two in three people say their level of debt is unmanageable. Further, Gen X\u2019s outlook on their finances and greater economic opportunity conflict with younger Americans, as they are the most likely to be \u201cnot at all confident\u201d they\u2019re doing what is needed to meet longer-term goals such as saving for retirement.<\/p>\n\n\n\n

Credit card debt isn\u2019t the only factor weighing these consumers down: H&R Block found that 1 in 6 Americans hold student debt, over a third reporting they have more debt than they can manage.<\/p>\n\n\n\n

Americans of All Ages are Spending More Than They Earn<\/strong><\/p>\n\n\n\n

In addition to increasing amounts of debt, the Outlook on American Life report found that despite growing income and buying power, a third of all respondents across generations reported spending more than they earned in the last 12 months. Only 30% of Gen Z say they do not buy what they cannot afford (vs. 54% of Boomers, 40% of Gen X, and 28% of Millennials), leading them to make unaffordable purchases that pile onto their credit card debt. \u00a0Plus, with 1 in 5 Americans agreeing that\u00a0 they wouldn’t be able to cover household expenses for a full week without a source of income, there is a clear gap between American spending and earning.<\/p>\n\n\n\n

\u201cWe recognize that spending, earning, and saving looks unique for each and every person, and it is our goal to help every H&R Block client reach the financial future they deserve,\u201d said Thompson. \u201cThe insights gathered from the Outlook on American Life report on how Americans are faring financially allow us to further understand how generations are evolving, and what they\u2019re concerned about, so that we can better assist our clients all year round.\u201d<\/p>\n\n\n\n

To learn more and read the full Outlook on American Life report, please visit www.hrblock.com\/outlook-on-american-life\/<\/a>. To view media assets, including a downloadable report and infographics, visit https:\/\/www.hrblock.com\/tax-center\/media-kit\/outlook-on-american-life-report-media-kit\/<\/a>.<\/p>\n\n\n\n

# # #<\/p>\n\n\n\n

1<\/sup> \u201c197 Million Consumers Shop Over Thanksgiving Holiday Weekend\u201d, National Retail Federation, https:\/\/nrf.com\/media-center\/press-releases\/197-million-consumers-shop-over-thanksgiving-holiday-weekend<\/p>\n\n\n\n

About H&R Block<\/strong>
H&R Block, Inc. (NYSE: HRB) provides help and inspires confidence in its clients and communities everywhere through global tax preparation services<\/a>, financial products<\/a>, and small-business solutions<\/a>. The company blends digital innovation with human expertise and care as it helps people get the best outcome at tax time and also be better with money using its mobile banking app, Spruce<\/a>. Through Block Advisors<\/a> and Wave<\/a>, the company helps small-business owners thrive with year-round bookkeeping, payroll, advisory, and payment processing solutions. For more information, visit H&R Block News<\/a>.  <\/p>\n","protected":false},"excerpt":{"rendered":"

Nearly 1 in 2 Americans holds credit card debt, yet holiday spending is slated to increase year-over-year KANSAS CITY, Mo. (Dec. 18, 2024) \u2014 Even as rising levels of debt further strain household budgets, and with many Americans already facing financial pressures that could lead to even greater economic challenges in the year ahead, holiday […]<\/p>\n","protected":false},"author":1,"featured_media":65419,"menu_order":0,"template":"","tags":[],"news-categories":[23341],"class_list":["post-65418","newsroom","type-newsroom","status-publish","has-post-thumbnail","hentry","news-categories-company-news"],"acf":{"post_rest_thumbnail_alt_id":""},"yoast_head":"H&R Block News Center | Outlook on American Life and Holiday Spending<\/title>\n<meta name=\"description\" content=\"H&R Block\u2019s 2024 Outlook on American Life Data Shows Rise in Consumer Debt Amidst Increased Holiday Spending. 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