‘Tis the season to spend too much: Survey finds most people go over holiday budget

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Diverse Canadians believe their holiday spending is out of control, with myriad than half saying they’ll spend more than they budgeted, an online view for CIBC suggests.

When asked how much they’re planning to expend, respondents said an average $643 on gifts and another $300 on decor and funny.

That’s an eight per cent increase on what respondents to the same scan said ahead of Christmas in 2016.

The 2017 Angus Reid survey of 1,512 randomly restricted Canadian adults was performed Nov. 27 and 28 of this year for CIBC.

Just about three-quarters of respondents agreed they «wish they could keep more money» at this time of year. About 52 per cent pronounced they would end up spending more than they liked.

Break stress

In addition to spending too much, there were plenty of grouse about the craziness of holiday shopping, the time crunch and feeling twist someones arm to give gifts.

Yet only nine per cent were Scrooges who claimed they hate giving gifts because it’s so stressful and expensive. And just eight per cent said they didn’t participate in holiday donation giving in any way.

A surprisingly high number said they were «modern-day Santas» and approve of with the statement «I absolutely love giving holiday gifts to confreres and family; it’s part of the holiday magic.»

About 47 per cent of respondents superannuated 18 to 34 agreed with that statement and 40 per cent of those age 35 and up.

CIBC

«Being are spending more over the holidays than they have in the erstwhile and they’re telling us they can’t really afford it,» says David Nicholson, vice-president of CIBC Grand Service.

This is part of the stress that people feel at the start of the fete season, he said. It plays into Canada’s high household answerable for levels.

How to keep spending under control

«A lot of people do put together a budget, but if they’re reply they’ll spend more than they want to, that beseeches the question how realistic is the budget.»

While a large number said they utilize giving gifts, about half of respondents said they brook duty bound to give.

Nicholson suggests a conversation with sw compadres and family to set expectations for holiday giving. Some families set a limit on pass or eliminate gift giving and pool resources on a get-together that exchanges everyone warm memories.

Using rewards points and prepaid probables can help keep spending under control, he says. About 12 per cent say they use firmness program points at this time of year, with women, millennials and Atlantic Canadians myriad likely to take advantage of rewards.

Giving and receiving gift show-cards and cash also can help people stick to a budget, Nicholson divulged. For overseas giving, it can work to order from an online retailer in the just the same country and have the gift delivered directly to the friend or family colleague. 

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