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There’s a new Grinch in town
Guest Column
Published Saturday, November 22, 2008
Blame it on the Grinch…the market Grinch, that is. Many baby boomers expect to cut back on their 2008 holiday giving, spending and travel due to market concerns, according to a national survey of 947 Americans age 45-64.
The poll, conducted for Thrivent Financial for Lutherans during the height of market turbulence Oct. 20-23, found:
Nearly two in three boomers (63 percent) expect to cut back on overall spending now and for the holidays due to market worries.
One in three boomers (33 percent) expect to cut back on giving to charity.
One in five boomers (19 percent) expect to cancel holiday travel plans.
“Our survey suggests that retailers, nonprofits and the travel industry just might find a lump of coal in their Christmas stocking,” says David Heupel, a senior equity portfolio manager with Thrivent Financial. “Consumers seem to be motivated to make short-term sacrifices to protect themselves against further market and economic worries.”
Female boomers are slightly more apt than their male counterparts to report they will be cutting back on holiday spending (66 percent vs. 59 percent), giving to charity (37 percent vs. 29 percent), and holiday travel (21 percent vs. 17 percent).
Children living at home magnify respondents’ Grinch-like attitude. Boomers with children still in the household were more likely to report they planned to cut back on holiday spending than were boomers without children in the house (71 percent vs. 60 percent).
Boomer holiday travel plans were influenced by household income. Roughly one in four boomers with incomes less than $50,000 reported they had canceled their holiday travel plans (26 percent of those with household income of less than $25,000 had cancelled travel plans; 27 percent of those with income of $25,000 to $49,999). In contrast, roughly one in seven boomers with incomes of more than $50,000 reported cancelling their holiday travel (14 percent of those with incomes of $50,000 to $74,999; and 15 percent of those with incomes of $75,000 or more).
“Short-term financial adjustments can be helpful and necessary at times,” notes Jane Zilch, vice president of distribution strategy programs for Thrivent Financial. “But even decisions around issues like holiday spending, giving and travel should be weighed with a view towards one’s values and long-term financial goals. Having a formal financial strategy in place can help.”
About the Thrivent Financial Market Volatility Survey
Data for this survey was collected via eNation online interviews by Synovate. Interviewing took place between Oct. 20-23, 2008, among a nationwide cross section of 947 U.S. adults age 45 to 64 of whom 47 percent were male and 53 percent were female.
Thrivent Financial for Lutherans is a Fortune 500 financial services membership organization For more information, visit www.thrivent.com.
Comments
The Daily Journal is happy to host community conversations about news and life in Fergus Falls and the surrounding area. As hosts, we expect guests will show respect for each other. That means we don't threaten or defame each other, and we keep conversations free of personal attacks. Witty is great. Abusive is not. If you think a post violates these standards, don't escalate the situation. Instead, flag the comment to alert us. We'll take action if necessary. It's not hard. This should be a place where people want to read and contribute -- a place for spirited exchanges of opinion. So those who persist with racist, defamatory or abusive postings risk losing the privilege to post at all.Posted by Mr_Lincoln (anonymous) on November 22, 2008 at 3:04 p.m. (Suggest removal)
MAybe a seconde job would help put money in americans pockets.
Posted by Granny (anonymous) on November 22, 2008 at 6:49 p.m. (Suggest removal)
I am retired and have 2 part=time jobs to survive.
Hopefully, economy will turn around in my life time.
Posted by Mel (anonymous) on November 23, 2008 at 4:40 p.m. (Suggest removal)
What, why, about January 20th?
Posted by Mr_Lincoln (anonymous) on November 23, 2008 at 4:50 p.m. (Suggest removal)
Homes cant go up 10% a year and wages stay the same.
Posted by metasonics (anonymous) on November 23, 2008 at 10:59 p.m. (Suggest removal)
I think Capitalist is suggesting that the press is biased in favor of our soon to be president Obama.
I personally think our press will have more positive things to report about after Obama takes office becausw Obama will bring positive changes.
Posted by Mel (anonymous) on November 24, 2008 at 10:12 a.m. (Suggest removal)
Yup, I remember when Clinton beat Bush Sr. The media said that the economy was improving before Bill was sworn in "because of the optimistic outlook of the people"(Dan Rather). Reality was the economy was improving for about 8 months before the vote, but was never reported on the MSM. So as to influence the election (on purpose).
I'm not a Bush fan, nor a Clinton fan.
Posted by edrule3 (anonymous) on November 24, 2008 at 3:53 p.m. (Suggest removal)
So H.W. was hoodwinked by the Main Stream Media, huh Mel? I don't recall H.W. and crew screaming foul over the media not reporting accurately the state of the economy. Maybe, if what you say is true, then H.W. and company was so far out of touch with our country's economy that they didn't cry foul because they didn't know. If that's the case then this makes all the sense in the world:
http://www.google.com/search?q=it%27s+th...
Mel, you may not be a Bush fan, nor a Clinton fan, but you certainly must be a fan of Limpbone, Halfwitty, OhReally, Fox News, and the rest of those detractors who get paid millions to control the minds of the republican masses and get them to do what you just did. That tripe sounds just like what comes from their mouths.
Fact is, Both Bush Sr. and Jr. left our country wrecked and democrats have to come in and fix their failed policies.
Posted by Mel (anonymous) on November 24, 2008 at 4:25 p.m. (Suggest removal)
One thing about the new gov't, with only dems in power they won't be able to blame everything on the GOP. It will be fun to watch. :o)
Posted by Mel (anonymous) on November 25, 2008 at 10:34 a.m. (Suggest removal)
capitalist, you are right, That was another thing, George W. inherited a downturn in the economy, (several months into it). Again the MSM didn't cover that at all. Not only that, but Dan Rather tried to effect the election with the fake story on GWB, but this time bloggers on the internet were on the ball and he didn't get away with it. 8)
Posted by metasonics (anonymous) on November 25, 2008 at 4:10 p.m.
(This comment was removed by the site staff.)
Posted by Mel (anonymous) on November 25, 2008 at 4:24 p.m. (Suggest removal)
metasonics,, temper, temper. ;)
Posted by metasonics (anonymous) on November 25, 2008 at 10:37 p.m. (Suggest removal)
temper temper?
LOL
sometimes anger is a gift!, without anger there would be no USA!
perhaps we should co-opt the ways of the GOP and just make things up and resort to violence against our own, yet claim the mantle of pro-life while we push the unwed mothers into suicide and addiction.
your reign of terror is coming to an end GOP!
just imagine for a moment if liberals really turn out to be the lies you have said about us.
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