FAQs

1. How much are Canadians planning to spend on average this holiday season?

According to the survey by the Bank of Montreal, Canadians are planning to spend an average of more than $1,991 this holiday season.

2. What are some reasons behind Canadians cutting back on holiday spending?

Some reasons behind Canadians cutting back on holiday spending include higher living costs, a rising unemployment rate, and financial anxiety due to unknown expenses, housing costs, and monthly bills.

3. How do Canadians plan to pay for their holiday expenses?

55% of Canadians plan to use their credit cards, and 5% plan to use buy-now-pay-later options. On average, Canadians believe it will take them three months to pay off their holiday expenses.

Conclusion

Despite facing financial anxiety and planning to cut back on holiday spending, Canadians are still finding ways to give generously to charitable causes and teach their families about the importance of giving during this holiday season. Setting a budget, planning purchases, and tracking expenses can help alleviate spending anxiety while ensuring a joyful and fulfilling holiday season.