If you’re thinking about cutting back on your holiday spending, you’re not alone this year, according to a new survey.
The Bank of Montreal’s Real Financial Progress Index shows 79 per cent of Canadians are planning to spend less this holiday season. It also says more than half are feeling financial anxiety over holiday spending, and almost a quarter are feeling uncertain they will be able to pay off holiday bills on time.
“Faced with higher living costs and a rising unemployment rate, it’s no surprise that many Canadians are planning to scale back their holiday spending plans this year,” says Sal Guatieri, a senior economist at BMO.
On average, Canadians plan on spending almost $2,000 this holiday season, with the majority of the spending on travel ($1,802), followed by holiday gifts ($519) and entertaining, decorations, and other holiday expenses.
The survey also found that despite the economic conditions affecting spending plans, the majority of Canadians plan to make charitable donations this season.