Saver Monday is the new Cyber Monday as a recent survey shows that most Canadians (80 per cent) aren’t planning to take advantage of what is said to be one of the biggest online shopping days of the year, says online bank Tangerine.
According to the survey, Canadians indicated other top financial priorities leading up to the holidays including saving money (55 per cent), paying off credit card debt (31 per cent) and holding onto cash for Boxing Day sales (16 per cent).
To reward those who choose to save and not spend this Cyber Monday, Tangerine is offering a special Saver Monday offer next week.
New clients who open their first Tangerine Savings Account or Chequing Account with a minimum deposit of $250 between Dec. 1 and 5, will receive a $50 gift from Tangerine.
Full details on Tangerine’s offer will be posted on Tangerine.ca as of Dec. 1.
When it comes to online shopping, Canadians seem to be aware of the potential drawbacks, with 25 per cent admitting that many of the online purchases they’ve made were unplanned and based on impulse. In addition, over a third (38 per cent) admit to making online purchases they regret, and close to the same amount (33 per cent) said they haven’t returned these items because it’s a hassle.
When it comes to regrettable online purchases, Canadians admit to regretting clothing purchases the most (23 per cent), followed by entertainment items like books and DVDs (10 per cent) and consumer electronics (9 per cent). Almost 60 per cent of Canadians also agree that on the surface, online shopping seems cheaper until shipping and taxes are factored in.
The online survey was conducted from Nov. 24 to November among 1,508 randomly selected Canadian adults who are Angus Reid Forum panelists. The margin of error, which measures sampling variability, is plus or minus 2.5%, 19 times out of 20.