• by Sarah Mahoney , December 13, 2010

While zippier holiday sales may be good news for retailers, a new survey from Bankrate.com spells trouble ahead for consumers: Although the majority are worrying more about their financial security, 66% haven't made a holiday budget.

"What's really alarming is that lower-income households are even less likely to have a spending plan," Greg McBride, senior financial analyst at Bankrate, tells Marketing Daily. "It's also worrisome in that it isn't a surprise -- people know December is coming, but still don't make a budget."

Some 43% of those earning $75,000 or more per year have a holiday budget for gifts, entertaining and travel, compared to 24% who earn less than $30,000 per year. "It means consumers may find themselves in a hole that will take most of next year to dig out of," he says, despite their doubts about their own finances.

Their unease about money stems from continuing concerns about housing prices, he says. "While the financial markets have risen, many people don't own any stocks. But 32% feel their overall financial situation is worse, and 28% feel they have a lower net worth, highlighting the significance of the decline in housing prices." Only 14% are more comfortable with their savings now than 12 months ago, 44% are less comfortable, and 39% feel the same. The survey included 1,003 adults.

Consumer Reports also issued some findings showing that shoppers are more worried about their wallets. While its latest retail index is up from both the prior month and one year ago, the index it uses to measure planned shopping was down a bit from last year, with the sharpest decline in planned purchases of personal electronics.

"Despite all the talk and media attention about positive economic growth, consumers are telling us that they are not seeing, or more importantly, not feeling the difference," the company says in its report. "The consumer may not be confident enough to continue spending through the holiday season. It may require deep discounting from retailers to get consumers back to the store in the final weeks of December."

The most optimistic consumers are those between 18 and 34, and those with household incomes of $100,000 or more. The most downhearted are households earning less than $50,000, and consumers over age 65.