In a new survey from CUNA and the Consumers Federation of America (CFA), slightly lower than expected holiday spending from consumers will take place in 2015 than was reported in 2014. The 16th annual holiday spending survey revealed that 10 percent, same as last year, said they would spend more; however, this year 38 percent said they would spend less, which is five percent more than reduced spending last year.

“Holiday spending is likely to rise by 2.5 percent to 3 percent from last year’s level” said CUNA Chief Economist Bill Hampel. “Although positive, that would be a disappointing increase considering the improved financial condition of US households.”

The CFA-CUNA survey showed signs that the economic recovery is continuing. The amount who reported an improved financial condition, 29 percent, compared to the previous year, 28 percent, continued to increase. Over the past five years, 10 percent more consumers indicated their financial condition improved. Plus, more consumers have an emergency fund of $1,000 to pay for unexpected expenses. This is a four-percent increase from a year ago.

Read the full story and see the survey numbers in table form by visiting CU Insight.