Canadians will cut back after over spending during holidays
Posted Feb 21, 2016 4:51 pm.
This article is more than 5 years old.
The dropping value of the loonie, job losses, and an overall economic downturn didn’t seem to stop Canadians from going overboard this past holiday season.
A new poll from Ipsos-Reid says 41 per cent of Canadians spent more than they intended to at the end of the 2015.
Overall, Canadians overspent by $397 on average. While that number is high, it is lower than the average overspending amount from 2014.
Saskatchewan and Manitoba were tied for the highest overspending amounts, and Alberta followed closely behind, with people in the province spending an average of $452 more than they budgeted.
When it came to getting finances back on track, the majority of Canadians surveyed said they have plans to cut back on certain expenses.
Some said they would stop spending on entertainment, cut up their credit cards, and stop going out for lunch or coffee.
However, four per cent of people admitted they wouldn’t be cutting back this year, nor did they expect to balance the books.
