Wednesday, March 23, 2022
HomeWealth ManagementMany Canadians take a savings hit from holiday spending

Many Canadians take a savings hit from holiday spending


“It’s easy to see why giving experiences has grown in importance during the pandemic, as many are placing more significance on the gift of time together with family and friends,” Flora Do, Vice-President at Term Investments & Savings and RBC InvestEase, said. “When each new year begins, the challenge for some becomes how to pay for their generosity over the holiday season and get savings back on track.”

When asked whether they are saving anything extra this year, nearly a quarter (22%) said they aren’t and don’t expect they will have anything more to place up in 2022.

A third of respondents (33%) said that they overspent over the holiday season, with the average Canadian overshooting their budget by $414.

Looking at the different methods Canadians used to pay for their gift-giving, almost half (48%) said they paid with cash or debit cards, while 43% said they used credit cards.

Focusing on overspenders, the survey found that 16% carry the costs on their credit cards and are paying off the balance right away. Another 13% also said they carry the costs on their credit cards, but are going to pay off the balance in at least two months.

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