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Canadians overspent during last year’s holidays

Feb 03, 2020

Canadians aged between 34 and 55 overspent the most: $531 on average

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Canadians overspent during last year’s holidays. Source: shutterstock.com

Royal Bank of Canada (RBC) published an annual poll on post-holiday spending and saving among the Canadians.

The poll shows that more than 36% of shoppers in Canada went over budget by an average of $459 during the 2019 holiday season.

As to the positive side, 32% of shoppers have already paid off their extra holiday bills. The remaining part of spenders plans to cover those expenses by spending less on day-to-day living expenses (25%) and cutting back on entertainment and lunch costs (24%).

Every dollar counts, whether you make a conscious decision to save it or simply not spend it. Skipping little extras can add up in a big way – you don’t have to make huge sacrifices to get your finances on track and build your savings. We’re seeing Canadians adopt healthy financial habits that not only help them pay down bills but equally important, help them build up their savings for the things that truly matter in their lives
Niranjan Vivekanandan, Vice-President, Term Investments & Savings, RBC

The poll reveals the biggest shopping regrets as well. 14% of Canadians feel sorry about not spending enough time with family and friends, followed by not making a budget and sticking to it (10%) and buying too many gifts (7%).

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