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• Nov 17, 2022

CHERRY HILL, N.J, November 17, 2022 – TD Bank, America’s Most Convenient Bank® announced today, the results of its 2022 Merry Money Survey, which found that consumers' concerns around inflation are driving many to take even greater proactive steps to ensure they don’t overspend this holiday season. In fact, 57% said they are creating a holiday-specific budget this year as a result of inflation and rising prices.

TD polled 1,000+ Americans about their shopping, spending and money management habits during the holiday season. The survey found that the economic environment is weighing heavily on consumers' minds, with 74% of respondents saying the financial aspect of the holiday season makes them anxious, compared to 66% who said the same in 2021. Despite this, 82% of consumers remain confident in their ability to manage their spending.

“The continuing rise of inflation has added a tremendous level of anxiety and stress to many Americans, and it’s understandable that this could impact how consumers decide to spend this holiday season compared to previous years,” said Matt Boss, Head of Consumer Products at TD Bank. “It’s important that consumers are in control of their finances, not only during the holiday season, but year-round. The fundamental practice of having and maintaining an accurate budget can help them gain the confidence to maximize their spending goals and behaviors.”

Budget now, thank yourself later

Sixty-nine percent of consumers admit they have previously overspent during past holidays, of which 45% said they overspent by $300 or more. For many, the pressure to find the right gift for loved ones (36%) and the impulse to take advantage of holiday sales (26%) topped the list of contributing factors in overspending.

Despite past behaviors, over spenders are conscious of their future shopping habits. Ninety-two percent said they have considered adjusting their future holiday spending habits to avoid overspending – including spending less on gifts, sticking to a budget, gifting to fewer loved ones this year and more.

Dashing through the payment options

Payments are like gift boxes; one size doesn’t fit all. When asked how they intend to pay for holiday purchases, more than four in ten consumers (42%) cited debit cards as their primary payment method, followed by credit cards (33%).

A whopping 76% of those using bank or store credit cards also noted that they do so to earn rewards or cash back on their spending. When it comes to paying off holiday bills, nearly two-thirds of respondents who use credit cards or personal loans for holiday spending expect to pay 100% of their outstanding balance in January 2023.

“All financial situations require unique approaches that strike the right balance between saving and spending," said Boss. “For example, for those consumers who might be looking to take advantage of incentives and cash back for their holiday purchases, you might elect to use rewards or store credit cards. No matter how you choose to spend, it’s more important to spend within your means and have a plan to responsibly manage those expenses.”

The gift that keeps on giving – healthy financial habits

Beyond the holidays, shoppers are also prioritizing and setting themselves up for success in 2023, including:

  • Getting a receipt, checking it twice: Ninety percent said they review their spending throughout the holiday season, and nearly half of respondents (46%) said they do it every time they make a purchase.
  • Prepping ahead instead: Fifty-three percent of consumers said they set aside cash throughout the year for holiday spending by stashing money in a separate jar, utilizing a separate bank account or saving gift cards and reward points for use during the holidays.
  • Gathering advice, making it nice: Family is the top source for financial advice (30%) during the holiday season, with friends following closely at 20%. Fourteen percent of consumers look to online resources and tutorials. If you’re not sure where to start online, make the most of your merry money with a free tool, like TD Bank Learning Center. And of course, consumers can also join the 10% of survey respondents who seek advice from financial professionals.


Big Village surveyed 1,006 Americans 18 years of age and older who celebrate the holidays. The online survey was conducted October 18-23, 2022.

About Big Village

Big Village, formerly ENGINE, is a global, full-service media and marketing services company that empowers clients to outperform in the present and win in the future with its vast range of marketing solutions including insights, creative, media, data, and technology. Founded in 2005, Big Village has global headquarters in New York and 16 offices across North America, the UK, Europe, and Asia-Pacific. Find out more at and follow @wearebigvillage.

About TD Bank, America's Most Convenient Bank®

TD Bank, America's Most Convenient Bank, is one of the 10 largest banks in the U.S., providing over 9.8 million customers with a full range of retail, small business and commercial banking products and services at more than 1,100 convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida. In addition, TD Auto Finance, a division of TD Bank, N.A., offers vehicle financing and dealer commercial services. TD Bank and its subsidiaries also offer customized private banking and wealth management services through TD Wealth®. TD Bank is headquartered in Cherry Hill, N.J. To learn more, visit Find TD Bank on Facebook at and on Twitter at and  

TD Bank, America's Most Convenient Bank, is a member of TD Bank Group and a subsidiary of The Toronto-Dominion Bank of Toronto, Canada, a top 10 financial services company in North America. The Toronto-Dominion Bank trades on the New York and Toronto stock exchanges under the ticker symbol "TD". To learn more, visit

Media Contact:

Nicole Constantine
Corporate Communications Associate

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