LOUISVILLE, Ky. (WAVE) - Many people are worried about money being tight this holiday season. Now might be a good time to have an honest conversation with your kids about that they might not get their dream gift for the holidays.
According to Wallethub’s 2020 coronavirus and holiday shopping survey, as many as one in three people say they’ll forego gifts entirely this year. In addition, more than102 million consumers will spend less on the holiday this year than they did last year, according to the same report. COVID-19 seems to be the reason for the personal cutback.
The health crisis has negatively impacted the finances and health of many families in the U.S. More than 20 million adults are currently on unemployment benefits and more have likely lost income due to the coronavirus.
Experts say to have open and honest conversations with kids, explaining to them the circumstances and validate any feelings they have. Most importantly, keep and optimistic attitude about making the holiday’s enjoyable as possible.