Bank of America Shows Shoppers How to 'Lose Wait' This Holiday Season
According to a new survey conducted by Braun Research and Bank of America, consumers spend an average of four hours and 35 minutes shopping at retail stores during the holiday season. Nearly one-third (one
hour and 22 minutes) of that time is reportedly spent waiting in checkout lines. One way to "lose wait" this year is to shop online. Another way is to bank online. In fact, nine out of ten (88%) Internet bankers surveyed said doing so helps them save time during the holidays.
"The key to enjoying the holidays is not only spending valuable time with family and friends, it's enjoying stress-free shopping by knowing you're keeping your finances straight," said consumer shopping expert, author and television personality Robyn Spizman. "Do as much as you can online -- shopping, shipping and managing budgets by banking online, and avoid that 'financial hangover' many of us experience when it's time to balance your checkbook in January."Other survey findings include:
Relax - you deserve it!
Time is of the essence -- especially during the holidays!
- 49% of respondents wish they had more time to relax, 39% wish they had more time to spend with friends and family, and 25% wish they took more time to budget for the holidays.
- During the holiday season men are much more likely to be calm and collected (46% v. 20%) while women are twice as likely to be stressed (19% v. 8%).
- West Coasters (San Franciscans at 11 hours and 37 minutes; and Los Angelinos at 8 hours and 54 minutes) spend more time on average relaxing during the holidays than East Coasters (Philadelphians at 5 hours and 20 minutes and New Yorkers at 3 hours and 45 minutes).
Despite their best efforts, many people experience a "financial hangover" once the holiday season is over.
- Americans report that they spend almost the same, or even more time waiting in holiday lines (three hours) than they do wrapping gifts, (one hour and 48 minutes) baking holiday cookies, (one hour and 50 minutes) and sending holiday cards (one hour and four minutes).
- Nearly one-third (29%) of survey respondents feel they spend too much time shopping in stores.
Some people are just too hard to shop for!
- Over a third of respondents admit to going over budget when it comes to holiday purchases, yet 39% claim they always budget for the holidays, and 35% claim they sometimes do.
- Women spend 50% more time budgeting for the holidays than men (one hour v. 40 minutes).
More online shoppers could be online bankers.
- When asked who shoppers had the hardest time finding gifts for, they listed spouse/fiance and parents at the top of their list.
Online Banking to the Holiday Rescue
- While over 80% of Americans report shopping online, only 65% bank online.
Internet users can save more time than ever by banking online. Online banking is safe, efficient and saves time to do more enjoyable things over the holidays. Consumers can enjoy the freedom of being able to skip long holiday lines and accessing their finances 24 hours a day, seven days a week with just a few clicks of the mouse. By checking account balances and pending transactions online, customers can stay on top of their holiday spending. Customers can also set up email alerts to remind them to pay credit card bills, avoiding fees for late payments and going over credit limits. Bills can also be paid automatically by using online banking.
"Online banking offers convenience and flexibility and puts you in control of your finances in a very secure environment," said Sanjay Gupta, e-Commerce executive for Bank of America. "It's like having your own personal bank in your home."
Holiday Time-Saving Tips
Spizman offers the following tips to help save time, money and energy by using the Internet to shop and bank over the holidays:
"Banking online is a great way to save valuable time," added Spizman. "Enjoy the company of your friends and family and work on choosing those perfect gifts instead of wasting time in lines!"
- Organize your holiday plans (your gift list, events, travel, etc.)
- Develop and stick to a budget
- Browse online to save in-store time
- Organize your financial life -- the end of the year is a great time to get a handle on short and long term budgeting and financial goal- setting
- Sign up for online banking -- it saves time on such tasks as paying bills, writing transactions and keeping track of how much money you have.
For more information on how to save time by online banking this busy season and to learn more about Bank of America's online banking tools, please visit http://www.bankofamerica.com.
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