The 4th of July is one of America’s most treasured holidays, and Americans typically celebrate the anniversary of their independence with parades, flashy fireworks displays, family gatherings, beach trips and more. This patriotic occasion can run up a big bill, though, especially when prices for food, travel and other expenses are inflated.
In response to inflation and other economic difficulties, many people are reining in their spending. In fact, 77% of people say rising costs are threatening our independence, according to a nationally representative WalletHub survey. The survey examined Americans’ plans for Independence Day and their opinions on freedom and patriotism in light of current events.
Key Stats
- Inflation’s Grip: 77% of people say rising costs are threatening our independence.
- Debt Shadows Freedom: 76% of Americans say our independence is threatened by the rising federal debt.
- Tank vs. Tradition: Nearly 3 in 5 people say high gas prices are affecting their 4th of July plans.
- Budgeting for the holiday: 57% of Americans plan to spend less money this 4th of July than they did last year.
- Turning in their graves: Nearly 9 in 10 Americans think the founding fathers would be appalled by how much debt the government is in.
- The AI Effect: 47% of Americans say their wallet is threatened by AI.
Ask the Experts
For additional insight on celebrating the 4th of July during the current economic situation, WalletHub turned to a panel of experts. Click on the pictures of the experts below to see their bios and responses to the following key questions:
- Around 57% of Americans are planning to spend less money this 4th of July than last year – what impact do you think that will have on seasonal businesses?
- More than 3 in 5 people believe access to credit should be a basic human right. Do you agree? How would a right to credit be implemented?
- 31% of Americans don’t feel financially independent this 4th of July. What are the most important things people can do to achieve financial independence?
Ask the Experts
CFP®- President at American Private Wealth, LLC ® - Adjunct Professor of Finance -Suffolk University
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Clinical Assistant Professor, Finance and Taxation - New York University
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Ph.D., Lecturer – Technology Systems; Business and Information Systems - Utah State University
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Ph.D., Associate Professor, College of Business and Management - Lynn University
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Ph.D., Assistant Professor of Economics, Tim Williams Junior Faculty Fellowship, Wilson College of Business - University of Northern Iowa
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CFA, Charterholder Finance Instructor – University of California, San Diego, Owner - Spartan Research and Author of CALL TO GLORY
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Survey Methodology
This report reflects the results of a nationally representative online survey of 200 respondents.
After we collected all responses, we normalized the data by age, gender and income so the sample would reflect U.S. demographics.
Full Survey & Responses
| Are you going to spend more or less money this 4th of July than last year? | |
|---|---|
| Less | 57% |
| More | 43% |
| Should access to credit be a basic American right? | |
| Yes | 61% |
| No | 39% |
| Do you feel financially independent this 4th of July? | |
| Yes | 69% |
| No | 31% |
| Is our independence threatened by the rising federal debt? | |
| Yes | 77% |
| No | 23% |
| Is celebrating the 4th of July worth going into debt? | |
| No | 84% |
| Yes | 16% |
| How much more are you willing to pay to buy U.S.-made products? | |
| Not willing to pay extra | 29% |
| Up to 10% extra | 23% |
| Up to 5% extra | 17% |
| Up to 20% extra | 13% |
| Up to 15% extra | 10% |
| As much as it takes | 7% |
| Do you think the founding fathers would be appalled by how much debt the government is in? | |
| Yes | 88% |
| No | 12% |
| Is our independence threatened by rising costs? | |
| Yes | 77% |
| No | 23% |
| Is your wallet threatened by AI? | |
| No | 53% |
| Yes | 47% |
| Are high gas prices affecting your 4th of July plans? | |
| Yes | 59% |
| No | 41% |
Note: Percentages may not total 100% due to rounding.
WalletHub's personal finance experts are frequently cited by leading media outlets. Contact our media team to arrange an interview.