(Unsplash)

Canadians cut down on holiday debt in 2018: poll

The nation cut down its overspending by nearly one-third compared to 2017

Did you overspend this holiday season?

After all, there’s nothing more synonymous with the holidays than being broke when they end.

But according to an RBC poll of 2,000 people released Wednesday, Canadians might have held back this year.

The poll suggests that although 40 per cent of Canadians overspent this holiday season, the amount they overspent was down 28 per cent, from $530 in 2017 to $384 in 2018.

The biggest drop was seen with millennials and women, who each cut their overspending by $200.

We’re all tempted to toss aside the budget during the holiday season, but what a good news story to see that Canadians showed restraint this year and far fewer are entering 2019 with holiday debt weighing them down,” said Vinita Savani, RBC vice-president of GICs and savings.

“Canadians are starting 2019 off on the right foot – their next step will be managing their spending throughout the year and seeing if they can build up their savings too.”

Across the country, the biggest overspenders were in Saskatchewan and Manitoba, where 48 per cent of shoppers overspent by an average of $500.

Atlantic Canada was the best at not overspending, with only 33 per cent spending an average of $357 more than they wanted to.

Forty-three per cent of British Columbians overspent by $464, while 39 per cent of Albertans overspent by $404.

READ MORE: British Columbians still getting deeper in debt

Canadians overspent the most on giving experiences to family and friends, gift cards and electronics.


@katslepian

katya.slepian@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Just Posted

Ponoka club champions declared

The Ponoka Golf club hosted its annual club championship at the course… Continue reading

Festival of Trees needs your support

As the Ponoka and District Health Foundation (PDHF) gears up for its… Continue reading

Ponoka Agricultural Society Bench Show winners, photos

The Ponoka Agricultural Society’s annual Bench Show was held at the Ponoka… Continue reading

The Ponoka Little League girls softball team win bronze

Ponoka defeated Calgary 17-2 in Canadian Little League playoffs

Ponoka Aquaplex will be closed from Aug. 25 to Sept. 30.

Many improvements planned for Ponoka pool

Disney Plus to launch in Canada in November

Analysts say latest streaming service may escalate cord cutting

Nearly 50% of Canadians experience the ‘post-vacation blues’: poll

48 per cent of travellers are already stressed about ‘normal life’ while still on their trip

More women may need breast cancer gene test, U.S. guidelines say

Recommendations aimed at women who’ve been treated for BRCA-related cancers and are now cancer-free

Couple could go to jail for taking 88 lbs. of Italian sand

Pair said they didn’t know it was illegal to take the sand, which is protected as a public good

Scheer promises EI tax credit for new parents if Conservatives form government

The government currently taxes employment insurance benefits for new parents

Panel to review impacts of safe injection sites in Alberta

It will look at crime rates, social order and property values, and not harm reduction or housing

Five suspects arrested by Leduc RCMP with help of Wetaskiwin and Maskwacis

Leduc RCMP work with Maskwacis and Wetaskiwin RCMP to make arrests

Elections Canada to assess ‘partisan’ climate change rhetoric case by case

People’s Party of Canada Leader Maxime Bernier has said climate change is not an emergency nor caused by human

Most Read