(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

End drug prohibition to curb overdose crisis: Abbotsford advocate

Doug Smith with Drug War Survivors says removing criminal aspect would curb the crisis

Man sentenced for smuggling drugs and shooting at border guards

Nathan Hall was arrested in Abbotsford in 2013 after day-long manhunt

Developers to unveil plan to transform Aldergrove mall into new town centre

Community to find out new Aldergrove Town Centre plan for dormant 10-acre lot in heart of downtown.

Tensions mount over Abbotsford homeless camp removals amid cold snap

City calls camp removals a safety issue, advocates say actions risk health and safety of homeless

Abbotsford mom calls on PM to help bring home kids abducted to Lebanon

Shelley Beyak says her two children are Canadian citizens and should be protected

Indigenous leaders, politicians say Trans Mountain report flawed

The National Energy Board has endorsed an expansion of the Trans Mountain pipeline a second time

UPDATE: B.C. ticket holder winner of $25.9-million Lotto Max jackpot

Next draw set for Mar. 1 with an estimated jackpot of $10 million

Junior Team Canada brings home gold to B.C., again

In a 9-4 victory over Switzerland, a Langley-based curling team earned its 2nd straight world title

People gather for funeral of seven children killed in fast-moving Halifax fire

Traditional portion of the service will be followed by words from community members

B.C. weavers to help Alaska Native project honouring survivors of violence

Dozens of Chilkat and Ravenstail weavers from all over North America will be weaving 5-inch-by-5-inch squares

B.C. skip Sarah Wark and team eliminated at Scotties Tournament of Hearts

Nontheless pretty impressive stuff from the 24th-ranked team in the country

Twilight Drive-In announces open season start date

Opening weekend will showcase a double feature with Aquaman at 7:15 p.m. and Glass at 9:50 p.m.

Pope’s sex abuse prevention summit explained

It’s A high-stakes meeting designed to impress on Catholic bishops the global problem

VIDEO: Giants earn 40th victory in a 4-0 triumph over Victoria

G-Men move within a point of clinching the B.C. division banner at Friday’s at-home game in Langley

Most Read