Most Canadians Ignore Money Woes During the Holidays

A startling 76 percent of Canadians admit they enjoy the holidays and don’t worry about what the season’s spending spree is going to cost them. This is according to a recent study by Investors Group.

  • Investors Group surveyed more than 1,000 Canadians and found that…
  • 62 percent say they are not concerned with overspending during the holidays because it feels good to give gifts
  • 23 percent say whether they set a budget or not, they feel helpless when trying to control their spending during the holidays
  • 31 percent are concerned by their excessiveness, and 18 percent say they don’t enjoy the holiday season because of their worry over the financial outlay

“The holiday season presents us with a chance to show our love and appreciation to friends and family and treat ourselves as well,” says Todd Sigurdson, financial planning expert at Investors Group. “Unfortunately, this generosity coupled with the demands of the season can leave Canadians feeling overwhelmed and somewhat helpless.”

One other survey fact stood out to Jeffrey Schwartz, executive director of Consolidated Credit Counseling Services of Canada. He noticed that 36 percent of Canadians say they don’t budget for things such as food, drinks, entertainment, and travel.

“It’s fine to feel good during the holiday season,” Schwartz says. “But don’t forget the holidays end and the bills start arriving. Budgeting, not only for the holiday season, but year round prevents overspending and the helplessness people feel when they realize how much debt they incurred over a few short months.”

Don’t fall into the holiday “feel good trap.” Use Consolidated Credit’s free four-part Holiday Survival Guide to help you keep within your budget. But if you find yourself mired in credit card debt, talk to a trained counsellor at 888-287-8506.

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