Less Than Half of Parents Plan to Stick to a Budget This Holiday Season According to Latest Survey From Upromise by Sallie Mae

Nearly Three-Quarters of Parents Would Rather Their Kids Receive Money for College Than A Gift

Upromise by Sallie Mae to Feature Free Shipping Day Nov. 26

Wednesday, November 5, 2014 1:47 pm EST

Dateline:

NEWARK, Del.

Public Company Information:

NASDAQ:
SLM
"While sticking to a budget during the holidays can be difficult, planning ahead and researching holiday deals can make a major difference in what shoppers end up spending"

NEWARK, Del.--(BUSINESS WIRE)--With the holiday season right around the corner, gift lists and budgets are usually top of mind for many families. According to the latest survey from, Upromise by Sallie Mae, however, budgeting takes a backseat for some parents as they prepare for holiday shopping this season.

According to the Upromise by Sallie Mae national survey of more than 500 parents between 25-64 years old, only 44 percent of parents expect to stick to their budget when holiday shopping this year. In fact, 27 percent of parents will not have a budget at all and close to an additional one-third think it's likely they will go over their set budget. To make up for this, almost one-third of parents are already planning to work extra hours this winter.

The survey also looked at parents’ expectations for what their children receive each holiday season. Nearly three quarters of parents would rather their children receive money for college rather than a physical gift. The survey also found that nearly 30 percent of respondents plan to purchase all of their gifts the night before the holidays, while 26 percent admitted to re-gifting. A quarter of respondents also admitted picking up a gift for themselves while holiday shopping.

“While sticking to a budget during the holidays can be difficult, planning ahead and researching holiday deals can make a major difference in what shoppers end up spending,” said Erin Condon, vice president, Upromise by Sallie Mae. “The same could be said for planning and saving for college. The good news is by completing holiday shopping through Upromise by Sallie Mae, you are not only getting a great holiday deal, but also putting money away for college.”

Free and easy to join, Upromise by Sallie Mae allows families to earn cash back for college from everyday purchases by shopping online with partners such as Groupon, Macys.com, WalMart.com and BestBuy.com. In fact, last holiday season Upromise members earned a collective $14 million towards college savings.

Every Tuesday, from now until December 23, members can earn 10 percent cash back for college with featured partners, including Sephora, Shoebuy.com, Fossil, Lord & Taylor, and QVC.com. Upromise will also feature a free shipping day on Nov. 26, aggregating dozens of partners’ free shipping offerings in one place for members. In addition, those who shop using the Upromise World Mastercard can earn an extra 5 percent for a total of 10 percent cash back on online purchases on Black Friday, Cyber Monday, and every other day of the year.

To date, Upromise members have earned more than $850 million for education. To learn more, visit Upromise.com.

Sallie Mae (NASDAQ:SLM) is the nation’s saving, planning, and paying for college company. Whether college is a long way off or just around the corner, Sallie Mae offers products that promote responsible personal finance including private education loans, Upromise rewards, scholarship search, college financial planning tools, insurance, and online retail banking. Learn more at SallieMae.com. Commonly known as Sallie Mae, SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States of America.

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(Graphic: Business Wire)

Contact:

Sallie Mae
Abigail Harper, 302-451-0230
abigail.harper@salliemae.com
or
SHIFT Communications
Taylor Smith, 617-779-1851
tsmith@shiftcomm.com