Nancy Snedden
“Using credit cards for holiday shopping may ease the immediate financial burden, but it can create a much bigger problem down the line if balances aren’t paid off quickly,” said Nancy Snedden, Licensed Insolvency Trustee and President at BDO Debt Solutions.
Although many Canadians plan to stick to the same budget as last year, 18 per cent admit they’re likely to overspend, said the report.
“The notion that this should be a time of joy and generosity is sharply contrasted by the reality that many will start the new year in debt,” said Li Zhang, financial literacy leader at CPA Canada. “Given consumers are grappling with a consistently rising cost of living, it’s not surprising that the festive season has become a major source of anxiety.”
Other key findings:
- Generational stress: Millennials and Gen Z report the highest levels of financial anxiety.
- ‘Tis the season to be thrifty: Canadians plan to spend an average of $595 on gifts this year, down from $645 in 2023.
- Donations decline: Only 24 per cent of respondents plan to donate to charity this season, a notable drop from last year’s 30 per cent.
- Staying home for the holidays: While 57 per cent of respondents are skipping holiday travel, those who are travelling expect to spend 33 per cent more than last year.
Mario Toneguzzi
Mario Toneguzzi is Managing Editor of Canada’s Podcast. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He was named in 2021 as one of the Top 10 Business Journalists in the World by PR News – the only Canadian to make the list. He was also named by RETHINK to its global list of Top Retail Experts 2024.
About Us
Canada’s Podcast is the number one podcast in Canada for entrepreneurs and business owners. Established in 2016, the podcast network has interviewed over 600 Canadian entrepreneurs from coast-to-coast.
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