Debt the halls: 71% of parents lose sleep over holiday spending for their kids

On Christmas Eve, millions of children all over the world find it near impossible to fall sleep as they eagerly anticipate what Santa will bring come morning. But, according to a new survey of 2,000 U.S. parents, kids aren’t the only ones dealing with insomnia over the holidays: 71% of respondents say they usually lose sleep over all the money they’ve spent on gifts for their children.

The research, commissioned by Self, surveyed participants on their holiday spending habits and subsequent financial concerns. Unfortunately, the survey’s results paint a picture of millions of parents doing whatever it takes to ensure their children have a happy holiday, even when it means spending far beyond what their accountants would recommend. In all, 46% surveyed parents have neglected to buy themselves or their spouse a gift in order to make sure their kids get everything on their wish list.

Furthermore, 59% flat out admitted that they overspend on their children every holiday season. So, what is driving parents to spend their way into debt for each year’s latest toy? A major driving factor appears to perception from other children. A significant 71% of parents say they spend a lot on their kids because they can’t stand the thought of their child being the only student at school without the latest gadget or accessory.

The lengths that some parents are willing to go to in order to meet their children’s’ and other loved ones’ hopes may surprise you. For example, 61% are willing to damage their credit score. Now, that doesn’t mean most parents aren’t aware of what their doing; 39% say they feel “extremely concerned” about their holiday spending.