TD Bank Merry Money Survey

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Last updated on November 23rd, 2021

TD Bank and ENGINE, a media and marketing services company, have teamed up for a new study into holiday season finances. The new TD Bank 2021 Merry Money Survey highlights the financial stressors of the holiday season, with most respondents describing the festive period as “painful.”

2021 Merry Money Survey Findings

TD Bank polled 1,004 U.S. consumers to gauge their shopping, spending, money management habits, and overall sentiment during the holiday season. Key findings show that 73% of respondents create a budget for holiday spending – up from 66% in 2018.  Additionally, 53% reported holiday shopping as painful, with 33% of that group comparing the experience to a root canal.

Other notable findings from the TD Bank 2021 Merry Money Survey include:

  • 69% of Americans say they have previously overspent during the holidays
  • 63% of Americans say they’ll start their shopping earlier to avoid delays this year.
  • 60% say they will shop two months in advance of the holidays.

“As people prepare to celebrate the holidays with their loved ones, perhaps for the first time in-person since the pandemic began, there are still many things weighing on their minds,” says Matt Boss, Head of Consumer Products at TD Bank.

“Holiday shopping, travel, hosting, and celebrations all have costs associated – and due to supply chain issues, we’re seeing cost increases that will make joining in even more of a challenge for some. Doing what’s best for you could mean staying home from travel or scaling back on gift-giving, but it will help make the holiday season more enjoyable. Set your limits – whether financial or personal – and stick to them.”

TD Bank’s Holiday Shopping Advice

TD Bank is offering some consumer advice based on the report’s findings. These financial tips include starting shopping early to avoid crowds, reducing product availability and other stressors, creating (and sticking to) a budget, and maximizing credit card rewards.

The final tip, maximizing rewards, can significantly increase savings this holiday season. 2021 Merry Money Survey data shows that 42% of consumers cite using a debit card for most holiday spending. Using the correct rewards card for each purchase is essential for maximizing rewards – potentially reducing costs this festive period – or at least providing valuable travel rewards for decompressing after the new year.

“Consumers who are spending this year are looking for a deal – 90% of millennials surveyed are planning to shop on Black Friday,” added Boss. “However, more than a quarter of consumers say these sales are the primary reason they overspend, which signifies the importance of not only creating a holiday budget but also using tools that track spending and help eliminate impulse purchases, no matter how irresistible the deal.”

To read the full TD Bank 2021 Merry Money Survey click here.

Related Article: TD Bank & The Budgetnista On Credit Cards, Credit Repair and More

Featured image by TD Bank

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Cory Santos

Cory is's "Jack of all trades" and resident credit expert, covering all facets of the credit card space. Cory holds academic degrees in both the U.S. and U.K. In addition to credit cards, Cory finds that jogging, cats, and memes are essential parts of a balanced day.

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