Eighty-one per cent of Canadians will enjoy a staycation this Victoria Day

A combination of a fluctuating Canadian dollar and debt keeps Canadians at home

FOR IMMEDIATE RELEASE

TORONTO, ON, MAY 20, 2016 – The first long weekend for Victoria Day marks the unofficial start of summer and will be a quiet one for 81 per cent of Canadians who will not be travelling abroad – they will be staying at home on a quiet staycation according to a recent survey by Tangerine.

Sixty-nine per cent of survey respondents said the fluctuating Canadian dollar was a major reason behind their staycation on Victoria Day and not travel aboard for the rest of the summer.staycation Victoria Day

“Vacations can be a slippery slope when it comes to spending money, since you’re out of your regular routine and already opening your wallet for many expenses,” says Silvio Stroescu, Vice President of Deposits and Investments, Tangerine in a statement.

While Canadians are choosing to stay at home and embrace a staycation on Victoria Day, some have no other choice because they cannot afford otherwise. A recent survey by the Canadian Payroll Association says many Canadians are living paycheque to paycheque and the same survey indicated 36 per cent of Canadians felt burdened by their debt.

“Whenever your financial situation changes, it is important to sit down, assess your situation and create a new budget. You need to know what you can and cannot afford. Do not leave anything to chance,” says Jeffrey Schwartz, executive director, Consolidated Credit Counseling Services of Canada.

“If you adopt a lifestyle of living within your means, you will only spend what you can afford and not dive further into debt.” says Schwartz.

To help cash-strapped consumers manage their funds on Victoria Day, Consolidated Credit Counseling Services of Canada recommends the following:

  1. Plan a staycation you can afford. There are many free activities to enjoy. You can watch a free display of fireworks at many local parks or plan a road trip to a camping ground.
  2. Pull up a lawn chair in your backyard. Head to the back and grab some sunscreen. You can even invite some friends and family over for some potluck fun.
  3. Enjoy a picnic at your local park. Take your picnic basket and fill it with easy-to-make finger foods. However do not forget your picnic blanket. Sometimes picnic benches are in short supply on busy holiday weekends so a picnic blanket will come in handy.

 

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About Consolidated Credit Counseling Services of Canada, Inc.:

Consolidated Credit Counseling Services of Canada is a national non-profit credit counselling organization that teaches consumers about personal finance.

For more information or to request an interview with Jeffrey Schwartz, please contact:

Natasha Carr, Manager of Community and Public Relations, Consolidated Credit Counseling Services of Canada, Inc., T: 416-915-7283 ext.1041, C: 416-830-4720, F: 416-915-5200, E: ncarr@consolidatedcredit.ca

Press Inquiries

pr@consolidatedcredit.ca
1-800-656-4120 x 1064