(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

Rene Fagan manslaughter case adjourned

Accused to meet with counsel before next date

Murder trial pushed back to September

In-depth psychological assessment of accused was ordered during pre-trial

Canada’s first all-women Taiko group leads drumming workshop in Terrace

Sawagi Taiko was founded during the women’s movement

Fires still burning near Telegraph Creek

BC Wildfire Service assures residents of a proactive plan heading into wildfire season

Northwest entrepreneurs pitch their plans for cash prizes

ThriveNorth announces 12 finalists in this year’s business challenge

Parliament Hill 4-20 organizers predict record crowd after legalization

A celebration? Yes, but organizers say concerns remain about the government’s decisions on legalization rollout

Building a better learning environment for B.C. students

Minister’s message for Education Week, April 23-27

Seattle’s 4-20 ‘protestival’ enjoys tolerance, some support – and B.C. could do the same

Seattle’s Hempfest a large-scale occasions with vendors, prominent musical acts and thousands of attendees

B.C. mountain biker sent home from hospital twice, despite broken vertebrae

Released in Maple Ridge to go home with three fractured vertebrae

Deck collapses in Langley during celebration, multiple people injured

Emergency responders rushed to the Langley home

B.C. RCMP receive application for Police Cat Services

RCMP announced the launch of the Police Cat Services unit as an April fools joke

Kirkland Signature veggie burgers recalled due to possible metal fragments

Recalled products came in 1.7 kg packages with a best before date of Apr. 23, 2019

Chaos at the ferry terminal for people heading from Vancouver to the Island

Easter crowds create backlog at Tsawwassen ferry terminal

Flooding, climate change force Quebecers to rethink relationship with water

Compensation for victims of recurring floods limit to 50% of a home’s value, or a maximum of $100,000

Most Read