Holiday Hardship: 1 in 4 Americans Can Only Afford to Spend $100 on Thanksgiving

Thanksgiving is typically a time for big family celebrations and lots of food, but a new survey finds the struggling U.S. economy is forcing many Americans to cut back this year — or not celebrate at all!

In a poll, commissioned by digital wealth management company Personal Capital, one in four Americans say they’re actually skipping Thanksgiving altogether in order to save money. One in three are hosting smaller dinners and a staggering 88 percent are cutting at least one dish from their table in order to make ends meet.

In 2021, researchers note that an IPSOS survey found that nine in 10 Americans planned to celebrate Thanksgiving. This year, the new poll of 1,000 people found that number has fallen to just 74 percent. In fact, 47 percent say they’re celebrating “Friendsgiving” because of its more budget-friendly menu. Specifically, just 24 percent of Friendsgiving celebrations will even have a turkey on the table, with 33 percent opting for a pizza instead!

Inflation and job insecurity are raining on the Thanksgiving parade

With many Americans struggling with higher prices at the grocery store, 52 percent are asking guests to bring a dish to Thanksgiving dinner. Three in four are asking guests to bring their own alcohol, while just under half (46%) are asking people to provide the dessert. Another 42 percent are going a step further, asking their friends and family to help pay for the big meal.

Nearly six in 10 (57%) admit their Thanksgiving guest list is much smaller this year and 53 percent are cooking fewer dishes. When it comes to who’s cutting back the most, Gen Z respondents were the most likely to say they’re doing all four of those things to cover the cost of Thanksgiving in 2022.

For those who lost a job over the last year, the holidays may be even tougher. The survey finds fewer Americans who lost a job (71%) say they’ll be celebrating Thanksgiving in comparison to those who kept working (78%). However, those who lost a job are significantly more likely to attend a Friendsgiving (55%) than employed Americans (38%).