Americans spending less during holiday season

FILE - In this June 6, 2015, file photo, a customer, bottom, pays for goods while shopping at the Atlanta Farmers Market in Atlanta. Americans will spend at a slower pace than last year during the crucial winter holidays because of sluggish wage growth and other factors, the largest U.S. retail trade group said, Thursday, Oct. 8, 2015. (AP Photo/David Goldman, File)

As we approach holiday shopping season, this year Americans are closing their wallets.

According to study released by bankrate.com, the majority of Americans are not spending as much.

The study also found the main reason Americans are limiting their spending is stagnant income.

Additionally 25 percent of those surveyed said they needed to save more money. People looking to save were on average younger than the age of 50.

Millennials are also more than twice as likely to spend less and save more.

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