Concerned about the current economic situation, many Americans are planning to extend their belt-tightening behaviors into Thanksgiving celebrations.
The September survey of the First Command Financial Behaviors Index™ reveals that 45 percent of middle-class families will reduce Thanksgiving spending as a result of the economy. Respondents in this group said they will make one or more of the following changes:
• Stay closer to home (reduce travel)......................................55 percent
• Dine with immediate family only...........................................50 percent
• Spend less on food.................................................................36 percent
• Stick to a set budget................................................................27 percent
• Go to someone else’s house for dinner.............................23 percent
• Serve a “pot-luck” dinner........................................................20 percent
• Spend less on decorations...................................................20 percent
• Go out to a restaurant for dinner.............................................4 percent
• Cancel Thanksgiving dinner....................................................3 percent
“Plans for a leaner Thanksgiving are yet another indicator that Americans are changing their financial behaviors for the better,” said Scott Spiker, CEO of First Command Financial Services, Inc. “Roughly half of survey respondents say they have embraced frugality as a way of life. Many people will be cutting back on Thanksgiving spending by staying home and dining with immediate family members. The unexpected payoff may be a more intimate holiday focusing less on consumption and more on the historic traditions of expressing gratitude and giving thanks.”
About the First Command Financial Behaviors Index™
Compiled by Sentient Decision Science, LLC, the First Command Financial Behaviors Index™ assesses trends among the American public’s financial behaviors, attitudes and intentions through a monthly survey of approximately 1,000 U.S. consumers aged 25 to 70 with annual household incomes of at least $50,000. Results are reported quarterly. The margin of error is +/- 3.1 percent with a 95 percent level of confidence. www.firstcommand.com/research
About Sentient Decision Science, LLC
Sentient Decision Science was commissioned by First Command to compile the Financial Behaviors Index™. Sentient is a full-service market research firm with special vertical expertise within the financial services industry. Sentient specializes in advanced research design and statistical analysis of behavioral and attitudinal data.
About First Command
First Command Financial Services and its subsidiaries, including First Command Bank and First Command Financial Planning, assist American families in their efforts to build wealth, reduce debt and pursue their lifetime financial goals and dreams—focusing on consumer behavior as the first and most powerful determinant of results. Through personalized financial plans that emphasize accumulating wealth while reducing risk, First Command Financial Advisors have established lasting relationships with hundreds of thousands of client families since 1958.
First Command Financial Services, Inc. is the parent company of First Command Financial Planning, Inc. (Member SIPC, FINRA) and First Command Bank (Member FDIC). Financial planning services and investment products, including securities products are offered by First Command Financial Planning, Inc. Insurance products and services are offered by First Command Financial Services, Inc. Banking products and services are offered by First Command Bank. Securities products are not FDIC insured, have no bank guarantee and may lose value. In certain states, First Command Financial Services, Inc. is a separately registered domestic corporation and does business in California as “First Command Insurance Services.” A financial plan, by itself, cannot assure that retirement or other financial goals will be met.
The September survey of the First Command Financial Behaviors Index™ reveals that 45 percent of middle-class families will reduce Thanksgiving spending as a result of the economy. Respondents in this group said they will make one or more of the following changes:
• Stay closer to home (reduce travel)......................................55 percent
• Dine with immediate family only...........................................50 percent
• Spend less on food.................................................................36 percent
• Stick to a set budget................................................................27 percent
• Go to someone else’s house for dinner.............................23 percent
• Serve a “pot-luck” dinner........................................................20 percent
• Spend less on decorations...................................................20 percent
• Go out to a restaurant for dinner.............................................4 percent
• Cancel Thanksgiving dinner....................................................3 percent
“Plans for a leaner Thanksgiving are yet another indicator that Americans are changing their financial behaviors for the better,” said Scott Spiker, CEO of First Command Financial Services, Inc. “Roughly half of survey respondents say they have embraced frugality as a way of life. Many people will be cutting back on Thanksgiving spending by staying home and dining with immediate family members. The unexpected payoff may be a more intimate holiday focusing less on consumption and more on the historic traditions of expressing gratitude and giving thanks.”
About the First Command Financial Behaviors Index™
Compiled by Sentient Decision Science, LLC, the First Command Financial Behaviors Index™ assesses trends among the American public’s financial behaviors, attitudes and intentions through a monthly survey of approximately 1,000 U.S. consumers aged 25 to 70 with annual household incomes of at least $50,000. Results are reported quarterly. The margin of error is +/- 3.1 percent with a 95 percent level of confidence. www.firstcommand.com/research
About Sentient Decision Science, LLC
Sentient Decision Science was commissioned by First Command to compile the Financial Behaviors Index™. Sentient is a full-service market research firm with special vertical expertise within the financial services industry. Sentient specializes in advanced research design and statistical analysis of behavioral and attitudinal data.
About First Command
First Command Financial Services and its subsidiaries, including First Command Bank and First Command Financial Planning, assist American families in their efforts to build wealth, reduce debt and pursue their lifetime financial goals and dreams—focusing on consumer behavior as the first and most powerful determinant of results. Through personalized financial plans that emphasize accumulating wealth while reducing risk, First Command Financial Advisors have established lasting relationships with hundreds of thousands of client families since 1958.
First Command Financial Services, Inc. is the parent company of First Command Financial Planning, Inc. (Member SIPC, FINRA) and First Command Bank (Member FDIC). Financial planning services and investment products, including securities products are offered by First Command Financial Planning, Inc. Insurance products and services are offered by First Command Financial Services, Inc. Banking products and services are offered by First Command Bank. Securities products are not FDIC insured, have no bank guarantee and may lose value. In certain states, First Command Financial Services, Inc. is a separately registered domestic corporation and does business in California as “First Command Insurance Services.” A financial plan, by itself, cannot assure that retirement or other financial goals will be met.