7 in 10 Americans would stop giving gifts at holidays if others gave it up

A majority of Americans would like their friends and family to agree to stop exchanging holiday gifts.

An online survey by Harris Poll on behalf of SunTrust Banks reveals 69 percent said they would spend more time with their loved ones if they didn't have to worry about gifts — and the financial burdens they cause.

Financial anxiety spurred by gift-giving is taking its toll on Americans, the survey shows. Forty-three percent of survey participants said they feel pressured to spend more than they can afford.

Responders said money for gifts could instead be used on activities and dining with friends and family, and also to pay down debt or save.

The survey of 2,185 U.S. adults age 18 and older by Harris Polls was taken in early October.

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