Millions won't give holiday gifts to avoid overspending, survey finds

Bankrate found that 51 percent of adults felt compelled to overspend on holiday gifts.

With the approach of the holiday season comes the mounting pressure to spend more money than you want to. However, millions of Americans are willing to avoid overspending by not buying gifts, according to a new survey.

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Bankrate published its study on Wednesday, which found that 51 percent of adults in the U.S. have felt compelled to spend over their budget on holiday gifts.

However, 16 percent of respondents -- which would end up being about 38 million Americans -- said they would be willing to just not buy gifts altogether, the survey found.

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It also found that, in order to save money, 24 percent would regift and 19 percent would buy used items.

Respondents also had other money-saving solutions, including 53 percent who said they would only give gifts to immediate family, 53 percent who said they would look for coupons and sales and 36 percent who said they would give homemade gifts.

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However, the pressure to overspend isn’t limited to gift-giving. Bankrate found that 33 percent of respondents felt compelled to overspend on travel -- including airline tickets and lodging -- while 36 percent of respondents who host holiday parties said they felt they should overspend.

The survey also found that 36 percent of people who donate to charities felt pressured to spend more than they wanted.

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“If you feel pushed to overspend during the holidays, you are definitely not alone," Adrian Garcia, a Bankrate.com data analyst, said in a statement. “Whether you’re purchasing gifts or traveling, avoid getting wrapped up in the pressure by setting expectations with your loved ones and sticking to your budget. You can also get creative and find alternative ways to give this holiday season.”

Bankrate found that 27 percent of respondents felt pressure to overspend before the end of September, with 31 percent saying they felt pressured in November.

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