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T. Rowe Price Parents, Kids & Money Survey- Holiday Saving and Spending Findings

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T. Rowe Price’s 2017 Parents, Kids & Money Survey found that parents who never stick to their holiday spending budget are more likely to shop exclusively in stores (36% vs. 18%). And parents who follow their budgets are more likely to shop mostly or exclusively online (39% vs. 23%). Learn more in this deck.

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T. Rowe Price Parents, Kids & Money Survey- Holiday Saving and Spending Findings

  1. 1. 9TH ANNUAL PARENTS, KIDS & MONEY SURVEY—HOLIDAY SAVING AND SPENDING FINDINGS Detailed Results
  2. 2. HOLIDAY SPENDING
  3. 3. 3 2% 25% 73% 0% 10% 20% 30% 40% 50% 60% 70% 80% I don't spend any money on the holidays No Yes Saving for the Holidays T. Rowe Price 2017 Parents, Kids & Money Survey N=1,014 (total respondents) Q65. DO YOU NORMALLY SAVE FOR HOLIDAY SPENDING THROUGHOUT THE YEAR?
  4. 4. 4 9% 43% 48% 0% 10% 20% 30% 40% 50% 60% Right before the holidays Midyear Right after the holidays Saving for the Holidays T. Rowe Price 2017 Parents, Kids & Money Survey N=740 (save for holiday spending throughout the year) Q66. WHEN DO YOU NORMALLY START SAVING FOR HOLIDAY SPENDING?
  5. 5. 5 11% 12% 20% 20% 25% 13% 0% 5% 10% 15% 20% 25% 30% More than $5,000 $3,000 to $5,000 $2,000 to $2,999 $1,000 to $1,999 $500 to $999 Less than $500 Amount of Holiday Spending T. Rowe Price 2017 Parents, Kids & Money Survey N=996 (spend money on the holidays) Q67. HOW MUCH WOULD YOU SAY YOU NORMALLY SPEND EACH YEAR ON HOLIDAY COSTS?
  6. 6. 6 2% 9% 12% 16% 18% 40% 50% 59% 0% 10% 20% 30% 40% 50% 60% 70% Other Retirement savings Payday loan Emergency fund Tax refund Regular savings Current income Credit cards Paying for Holiday Spending Q68. WHICH OF THE FOLLOWING HAVE YOU EVER USED TO PAY FOR HOLIDAY SPENDING? (CHECK ALL THAT APPLY) T. Rowe Price 2017 Parents, Kids & Money Survey N=996 (spend money on the holidays)
  7. 7. 7 6% 6% 11% 15% 40% 54% 59% 12% 16% 21% 21% 40% 48% 58% 0% 10% 20% 30% 40% 50% 60% 70% Retirement savings Payday loan Emergency fund Tax refund Regular savings Current income Credit cards Do Not Stick to Budget Stick to Budget Paying for Holiday Spending Q68. WHICH OF THE FOLLOWING HAVE YOU EVER USED TO PAY FOR HOLIDAY SPENDING? (CHECK ALL THAT APPLY) T. Rowe Price 2017 Parents, Kids & Money Survey N=996 (spend money on the holidays)
  8. 8. 8 4% 6% 22% 39% 29% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% More than 12 months 7-12 months 4-6 months 2-3 months I pay it all in the first month Credit Card Holiday Spending T. Rowe Price 2017 Parents, Kids & Money Survey N=584 (use credit cards for holiday spending) Q69. HOW QUICKLY DO YOU PAY OFF WHAT YOU SPENT ON CREDIT CARDS FOR HOLIDAY SPENDING?
  9. 9. 9 2% 29% 42% 28% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% Online exclusively Mostly online but some in stores Mostly in stores but some online In stores exclusively Holiday Shopping Channels T. Rowe Price 2017 Parents, Kids & Money Survey N=996 (spend money on the holidays) Q70. HOW DO YOU SHOP FOR HOLIDAY GIFTS?
  10. 10. 10 2% 37% 43% 18% 2% 21% 41% 36% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% Online exclusively Mostly online but some in stores Mostly in stores but some online In stores exclusively Do Not Stick to Budget Stick to Budget Holiday Shopping Channels T. Rowe Price 2017 Parents, Kids & Money Survey N=996 (spend money on the holidays) Q70. HOW DO YOU SHOP FOR HOLIDAY GIFTS?
  11. 11. 11 Holiday Spending T. Rowe Price 2017 Parents, Kids & Money Survey N=996 (spend money on the holidays) 37% 53% 58% 58% 60% 72% 73% 82% 0% 20% 40% 60% 80% 100% I spent more on myself around the holidays than I did on my kids I never stick to my holiday spending budget I try to get everything on my kids’ lists, no matter how much it costs I spent more over the holidays than I should have I shop for items for myself around the holidays I set a specific amount each year to spend on the holidays I spend the same exact amount for holiday presents on each of my kids* I wait for holiday promotions and deals to make big purchases Q71. HOW MUCH DO YOU AGREE OR DISAGREE WITH THE FOLLOWING STATEMENTS? (DISPLAYING PERCENT WHO AGREE) *Asked only to those with more than one kid
  12. 12. 12 Money Management 16% 14% 21% 44% 46% 52% 0% 10% 20% 30% 40% 50% 60% I didn’t participate in any promotional holidays Giving Tuesday Small Business Saturday Cyber Monday Black Friday shopping in stores Black Friday shopping online Q72. LAST YEAR, DID YOU PARTICIPATE IN ANY OF THE FOLLOWING SHOPPING/GIVING PROMOTIONS? (CHECK ALL THAT APPLY) T. Rowe Price 2017 Parents, Kids & Money Survey N=996 (spend money on the holidays) Total # Shopping Days None 17% One 31% Two 27% Three 19% Four 5%
  13. 13. KIDS’ RESPONSES
  14. 14. 14 Kids—Expectations T. Rowe Price 2017 Parents, Kids & Money Survey N=1,014 (total respondents) 66% 0% 20% 40% 60% 80% When it comes to the holidays, I expect to get everything on my list Q96. HOW MUCH DO YOU AGREE OR DISAGREE WITH THE FOLLOWING STATEMENT? (DISPLAYING PERCENT WHO AGREE)
  15. 15. 15 33% 67% 0% 10% 20% 30% 40% 50% 60% 70% 80% No Yes Kids—Holiday Spending T. Rowe Price 2017 Parents, Kids & Money Survey N=1,014 (total respondents) Q101. DO YOU USUALLY BUY HOLIDAY PRESENTS FOR OTHERS?
  16. 16. 16 34% 66% 0% 10% 20% 30% 40% 50% 60% 70% My parents usually pay I usually use my own money Kids—Holiday Spending T. Rowe Price 2017 Parents, Kids & Money Survey N=682 (buy holiday presents) Q102. DO YOU USUALLY USE YOUR OWN MONEY OR DO YOUR PARENTS PAY FOR THE PRESENTS?
  17. 17. 17 16% 22% 23% 40% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% $100 or more $50 to $99 $25 to $49 Less than $25 Kids—Holiday Spending T. Rowe Price 2017 Parents, Kids & Money Survey N=682 (buy holiday presents) Q103. HOW MUCH DO YOU USUALLY SPEND ON HOLIDAY PRESENTS PER PERSON?
  18. 18. RESPONDENT PROFILE
  19. 19. 19 50%50% Respondent Profile 31% 20% 24% 25% South Northeast West Midwest Q2. REGIONQ1. AGE Q3. GENDER Men Women Q5. HOUSEHOLD INCOME 82% 10% 5% 3% 1% Married Single Separated/divorced Married (same sex) Widow/widower Q4. MARITAL STATUS 35% 55% 10% < 35 35–50 51+ 23% 49% 28% < $50K $50K–$99,999 $100K+ 71% 14% 13% 5% 2% White/Caucasian Hispanic/Latino Black/African American Asian Native American Q6. RACE/ETHNICITY T. Rowe Price 2017 Parents, Kids & Money Survey N=1,014 (total respondents)
  20. 20. 20 Respondent Profile Q7. EDUCATION LEVEL 65% 16% 10% 5% 4% 2% 1% Employed full time Employed part time Stay-at-home parent Self-employed Unemployed Retired Student Q8. EMPLOYMENT STATUS 1% 10% 25% 11% 31% 22% < HS graduate HS graduate Some college Assoc. degree Bachelor's degree Graduate degree 21% 54% 19% 7% 1 2 3 4+ Q9.# KIDS IN HOUSEHOLD 53% 47% Q11. KID GENDER BoysGirls Q12. KID AGE 14% 11% 16% 12% 15% 19% 13% 8 9 10 11 12 13 14 T. Rowe Price 2017 Parents, Kids & Money Survey N=1,014 (total respondents)
  21. 21. 21 Respondent Profile 24% 57% 15% 4% 1% None One Two Three Four+ # BOYS IN HOUSEHOLD KID GENDER MIX 15% 24% 61% Girls only Boys only Boys and girls # GIRLS IN HOUSEHOLD 15% 60% 21% 3% 1% None One Two Three Four+ T. Rowe Price 2017 Parents, Kids & Money Survey N=1,014 (total respondents) 81% 18% 1% None One Two+ # KIDS 8-14 IN HOUSEHOLD # KIDS < 8 IN HOUSEHOLD 55% 33% 10% 2% None One Two Three+ # KIDS > 14 IN HOUSEHOLD 68% 28% 4% One Two Three+
  22. 22. OBJECTIVE AND METHODOLOGY
  23. 23. 23 Objective and Methodology Objective  To understand the basic financial knowledge, attitudes, and behaviors of both parents of children ages 8-14 and their children ages 8-14. Methodology  T. Rowe Price commissioned an online survey of parents of children ages 8-14 and their children ages 8-14.  The survey was fielded from 1/18/17 to 1/26/17, with parent quotas of approximately 50% men and 50% women.  A total of 1,014 parents and children ages 8-14 in the U.S. participated; the sampling error for a sample of 1,014 is +/- 3.1% at the 95% confidence interval.  The survey was fielded through ResearchNow. T. Rowe Price 2017 Parents, Kids & Money Survey
  24. 24. THANK YOU.

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