New York: Despite the traditional holiday mood in the air, around six in 10 Americans (60 percent) are determined to keep their pockets tight and spend less money on the 248th Independence Day, according to a new survey.
According to the survey by the personal finance portal WalletHub, 60 percent of Americans plan to spend less money than last year.
Similarly, 3 in 5 (60 percent) admitted inflation affected their Fourth of July plans. In addition, 2 in 3 Americans (66 percent) said the country's Founding Fathers would be turning in their graves and dissatisfied with the current economy.
“Fireworks and freedom: That’s what America does on the Fourth of July to celebrate the country’s birthday, established with 56 founding fathers’ pen strokes on the Declaration of Independence in 1776,” according to the survey.
However, “inflated prices for food, travel, and other holiday staples are making people rethink their plans,” according to Cassandra Happe, a key analyst for the website.
“Around 84 percent of US adults already have at least one credit card, so it seems like easier access to more affordable credit is really what people are after. People who have trouble getting approved for traditional credit cards or loans should consider options like secured credit cards and secured loans, which require collateral but are attainable for most people as a result. Secured credit cards and loans can help build the credit necessary to borrow more in the future,” Happe explained.
Around 61 percent of Americans felt financially independent for this year’s Independence Day, while 52 percent ascertained their financial situation had improved since last year’s Fourth of July.
“While the economy has remained relatively healthy and managed to avoid a recession, persistent inflation and other difficulties have prevented a significant portion of the population from achieving financial freedom. The best way to improve your financial independence is to avoid spending beyond your means, dedicate as much money as possible to paying off debt and try to save at least a small amount of money each month in an emergency fund,” the finance analyst noted.
Key 4th of July facts- $9.4 billion: Amount Americans plan to spend on 4th of July food. - 150 million: Number of hot dogs eaten each 4th of July. - $4 billion: Amount Americans plan to spend on beer and wine. - $2.7 billion: Estimated amount spent on fireworks in 2023 (73 percent of fireworks injuries occur within a month of July 4). - $6.5 million: Value of American flags imported annually. - 70.9 million: Number of people who travel more than 50 miles from home for the 4th of July (Source: WalletHub) |
