(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

Lacombe police arrest men with meth, fentanyl, weapons during traffic stop

Suspects found with illicit drugs, a rifle with the serial numbers removed, cash, cell phones

LPS responds to break and enter at Lacombe Centre Mall

Suspects steal laptops, tablets, hard drives and audio/video receivers and cash

Lacombe Councillor speaks against red light/speed cameras in the city

Counc. Hoekstra said ATE is a ‘big brother strategy’ that will not fully address speeding issue

1.4% tax increase included in Lacombe budget draft

Average household to see $5.25/month increase from tax rate/utilities rate changes

North Red Deer Regional Wastewater System receives 2019 APWA Public Works Project of the Year Award

Public Works Project of the Year Award promotes management, administration of public works

WATCH: 6th Bill’s Trail Run welcomes over 450 runners

Run advocates for the use and upkeep of Lacombe’s trails

Alberta takes second look at trucking changes after meeting Broncos families

Transportation minister has said government was reviewing rules for school bus drivers and farmers

Male pedestrian dead after collision with train in Blackfalds

Man from Red Deer pronounced dead at the scene

‘Sky didn’t fall:’ Police, lawyers still adjusting after pot legalization

Statistics Canada says 541 people were charged under the federal Cannabis Act between Oct. 17, 2018 and the end of the year

Fewer people prescribed opioids in Canada. but some provinces lack data: doctors

Patients who began taking opioids were prescribed smaller doses for shorter duration

Frustration and pride in Canada after a year of legal pot

It’s one year into Canada’s experiment in legal marijuana, and hundreds of legal pot shops have opened

Suspect wearing Batman cap sexually assaults woman on Main Street Wetaskiwin

Wetaskiwin RCMP Investigate Sexual Assault – Seek Information and ID suspect

A year after pot legalization in Canada, it’s a slow roll

It’s one year into Canada’s experiment in legal marijuana, and hundreds of legal pot shops have opened

Pot use admission at U.S. border snagging Canadian boomers, says lawyer

A waiver to enter the U.S. can cost $2,000 and isn’t a guarantee

Most Read