A whopping 82% of Americans do not plan on spending more this holiday season despite lower gasoline prices, according to a new Bankrate.com report. Only 16% plan to spend more this year on the holidays – 5% will spend more because of lower gas prices and 11% plan to spend more, but not specifically because of gas prices.

The idea of not spending more this holiday season was consistent across age, income and education levels, but millennials had the lowest propensity to hold back on their spending this year. Seventy-one percent of millennials said they would not spend more this year, compared to 84-86% among their older counterparts.

Millennials are the most likely (28%) to say they would spend more this holiday season, with 8% attributing higher spending to the drop in gas prices and 20% being inclined to spend more regardless of the gas price situation.

"Despite consumers' improved feelings of financial security, there is still a prevailing sense of unease when it comes to discretionary spending and the lack of emergency savings," said Greg McBride, CFA, Bankrate.com chief financial analyst. "But with some millennials, even loads of student debt and little savings won't hold them back from splurging during the holiday shopping season."

The Financial Security Index came in at 102.0, the highest level since March and the third highest reading of 2014. Any reading above 100 indicates improved financial security compared to one year ago, while any reading below 100 indicates deterioration in financial security over the preceding year.

Readings on net worth and overall financial situation posted notable improvement, while feelings of job security and comfort level with debt continue to show strength. Savings remains the laggard among financial security metrics, with the level of discomfort unchanged from one month ago and little changed throughout 2014.

Men's and women's feelings of financial security both posted improved readings over those of one month ago. Overall, men's feelings of financial security (104.1) indicate improvement over one year ago while women's feelings of financial security (99.9) indicate deterioration by the slightest of margins.

The survey was conducted by Princeton Survey Research Associates International (PSRAI) and can be seen in its entirety here:

http://www.bankrate.com/finance/consumer-index/holiday-spending-unfazed-by-lower-gas-prices.aspx