WASHINGTON-- Consumers are not likely to spend more in the2014 holiday season compared to the 2013 holiday season, accordingto a spending survey conducted by CUNA andthe Consumer Federation of America.

In the survey, 1,009 adults were interviewed by phone betweenOctober 30, 2014 and November 2, 2014. CUNA said the margin oferror is plus or minus three points.

“Overall, 87% of consumers tell us that they intend to spendabout the same or less than last year – that’s up from 80% whoanswered similarly in 2013. Last year, we said that based on surveyresults, we predicated spending would grow somewhere between 3.5and 4%. The actual increase was 3.4%,” Mike Schenk, CUNA senioreconomist said. “Our latest survey results suggest that this year’sincrease in holiday spending will be very similar to last year’sincrease. Therefore, based on the survey, we believe that thisyear’s holiday spending will increase between 3 and a 3.5%.”

According to the survey results, which were announced at theNational Press Club on Monday, 33% of respondents said they wouldspend less than the previous year while 10% said they would spendmore.

Last year, 13% said they would spend more and 32% said theywould spend less. In 2008, 55% said they would spendless.

Respondents were asked to compare their current income with theamount they earned a year ago and 27% reported higher earningswhile 21% reported lower income. In total, 28% said theiroverall financial situation was better compared to last year and24% said it was worse.

When respondents were asked if they had enough money to cover anunexpected expense of $1,000, 47% said no, representing a 2%decrease from 2013.

“Top-line results from an economic perspective are encouragingand holiday spending almost certainly will increase this year,”Schenk said. “However, elements of our survey underscore the factmany consumers continue to reflect significant concerns about theirpersonal finances – most especially in the realm of weak incomegains. Because of this we expect the increase in holiday spendingthis season to be modest.”

CUNA and CFA said the survey results demonstrated a widening gapbetween high and low-income groups.

“Over one-third (34%) of those with household incomes under$25,000, compared to only 13% of those with incomes over $100,000,said their financial condition was worse now than a year ago,” thesurvey said.

In total, 33% of the low-income group and 13% of theupper-income group, indicated that their income was lower theprevious year.

“The rising economic tide has not raised all boats equally,”CFA’s Executive Director Stephen Brobeck said. “Far fewerhouseholds with incomes above $100,000, than those with incomesbelow $25,000, have fared worse over the past year.”

As evidence of the widening gap, CUNA and CFA pointed to 63% oflow-income group of respondents saying they were concerned aboutmeeting monthly debt payments compared to one-fifth (21%) of thehigh-income group expressing a similar a concern. More thanfour-fifths (83%) of the low-income group and just 13% percent ofthe high-income group reported they did not have enough money tocover a $1,000 unexpected expense.

In the 2013 survey, CUNA and CFA asked if the effects ofthe budget battles in Congress on the respondents’ spendingdecisions. CU Times asked if the same questionwas asked again this year.

“We did not ask that question because it doesn’t appear to be onthe national radar screen as much. The budget deficits as apercentage of spending are down,” Brobeck said. “They are stillrelatively high and in my personal view need attention but people,the country, experts are less concerned about this issue now thanthey were a year ago and so we decided to – we often substitutequestions – we asked the perception of income question instead ofthat budget question.”