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News and Events

Jackson Hewitt Holiday Survey 2023

Survey methodology

The opt-in survey was commissioned by Jackson Hewitt from November 16, 2023 through November 20, 2023 among 1,061 American adults aged 18 and older, and conducted online by Dynata. Respondents of the survey were selected from those who volunteered to participate in online surveys. One thousand complete surveys were collected using the sample framework based on U.S. Census data for age, ethnicity, gender, region, and income.

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%

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