WalletHub says that 60% of Americans Plan to Spend Less Money This Year
With 87% of Americans planning to celebrate the 4th of July this year but 60% planning to spend less money than last year, the personal-finance website WalletHub today released its report on the Best & Worst Places for 4th of July Celebrations in 2024, to go along with its 4th of July Survey.
To determine the best places to celebrate the most star-spangled occasion, WalletHub compared the 100 largest U.S. cities based on how much holiday fun you can have on a budget. The data set of 18 key metrics ranges from average beer and wine prices to the duration of fireworks shows to the Fourth of July weather forecast.
Best Cities to Celebrate 4th of July |
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1. Los Angeles, CA | 11. Orlando, FL |
2. New York, NY | 12. San Antonio, TX |
3. Seattle, WA | 13. Atlanta, GA |
4. Las Vegas, NV | 14. Phoenix, AZ |
5. Minneapolis, MN | 15. Chicago, IL |
6. San Francisco, CA | 16. San Jose, CA |
7. San Diego, CA | 17. Denver, CO |
8. Washington, DC | 18. Milwaukee, WI |
9. St. Paul, MN | 19. El Paso, TX |
10. St. Louis, MO | 20. Cincinnati, OH |
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To view the full report and your city’s rank, please visit: https://wallethub.com/edu/best-4th-of-july-celebrations/4651
Survey Key Findings
Budgeting for the holiday: 60% of Americans plan to spend less money this 4th of July than they did last year.
The right to credit: 7 in 10 people believe access to credit should be a basic American right.
Inflation’s impact: 3 in 5 people say that inflation is affecting their 4th of July plans.
Financial freedom: 61% of Americans feel financially independent this 4th of July.
Independence from vices: The top three things most Americans would like to declare independence from are social media (27% of the vote), credit card debt (27%), and overeating (23%).
Turning in their graves: Nearly 2 in 3 Americans think the founding fathers would not be satisfied with the current economy.
For the complete survey results, visit:
Q&A With Cassandra Happe, WalletHub Analyst
How has inflation impacted Americans’ plans for this 4th of July?
“60% of Americans plan to spend less money on the 4th of July this year compared to last year, according to WalletHub’s latest survey, which shows that inflated prices for food, travel and other holiday staples are making people rethink their plans. In fact, 3 in 5 people say that inflation is affecting their 4th of July plans, which lines up with the share of people planning to cut back on spending.”
How do Americans feel about their finances this 4th of July?
“Unfortunately, only 61% of Americans feel financially independent this 4th of July, down from the 63% who felt financially independent last year, according to WalletHub’s Independence Day survey. 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.”
What vices would Americans like to become independent from this 4th of July?
“The top vice that Americans would like to declare independence from is social media, which received 27% of the vote, according to WalletHub’s 4th of July survey. That’s certainly understandable in a time where discussions online grow more and more heated and the government has set a TikTok ban in motion,” said Cassandra Happe, WalletHub Analyst. “Another 27% of Americans say the top thing they want to declare independence from is credit card debt, which is a worthy cause when the average household owes over $10,000 to credit card companies. The third biggest vice Americans want to be independent from is overeating, with 23% of the vote.”
Would making access to credit a basic American right be a popular decision?
“Roughly 7 in 10 Americans say that access to credit should be a basic American right, according to WalletHub’s latest survey, so codifying this would be a very popular decision. People who argue for creating a right to credit argue that making credit accessible to everyone can help people escape poverty, while those against it argue that it can lead to bigger financial problems like excessive debt. Around 84% of U.S. 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.”