The majority of Canadians set a budget for their holiday spending, but only one in five stick to it, a recent survey by TD Canada Trust reveals.
The TD Canada Trust Holiday Shopping Survey, which polled 1,000 Canadians in November, found that 32% of Canadians spend between 10% and 50% more than they budget for during the holidays.
Carrie Russell, senior vice president of core banking and payments at TD Canada Trust, warns that even spending a small amount more than budgeted on each gift could add up quickly. She notes that nearly 70% of Canadians are purchasing gifts for six or more family members or friends.
“It could make a real dent in your savings,” Russell said. “To avoid that pain, it’s important to take the time to set a realistic budget for the holidays — and stick to it.”
The survey found that men are less likely than women to plan ahead: 40% of men said they spend what they want and never set a budget, compared to 28% of women.
Holiday budgeting habits also vary from coast to coast. British Columbians and Atlantic Canadians are the least likely to set a budget, with 45% and 51% respectively spending whatever they want and never setting a budget. Residents of Quebec and Ontario, however, are very budget conscious, with 30% and 21% respectively always setting a budget and sticking to it.
More than a third of respondents said they plan on spending less on holiday gifts this year than they did last year, while 44% plan to spend about the same.
“It’s not surprising that as Canada emerges from the recession, only 6% of Canadians say they will spend more than last year,” said Russell. “The reality is that many across Canada will need to spend less this year.”
Few Canadians stick to a holiday spending budget: survey
Men are less likely than women to set a budget and stick to it
- By: IE Staff
- December 10, 2009 October 31, 2019
- 10:43