(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

Expect delays on Highway 1 west of Golden due to vehicle fire

Expect delays while driving Highway 1 between Golden and Revelstoke. Drive BC… Continue reading

Your weekly Mountain Minute

Golden’s weekly 60-secon news recap for February 14

Biologists discover another female calf in depleted South Purcell Mountain Caribou herd

Calf will be moved to Revelstoke maternity pens, then released

King and Spring return to Golden this weekend

The Snow King and Lady Spring return to the Valley this weekend,… Continue reading

Find out what the Golden community is up to

I hope that this column finds you someplace cozy and warm and… Continue reading

VIDEO: Canada’s flag turns 54 today

The maple leaf design by George Stanley made its first appearance Feb. 15, 1965

Eight cases of measles confirmed in Vancouver outbreak

Coastal Health official say the cases stem from the French-language Ecole Jules Verne Secondary

Plecas won’t run in next election if B.C. legislature oversight reforms pass

B.C. Speaker and Abbotsford South MLA says he feels ‘great sympathy’ for Jody Wilson-Raybould

Workshop with ‘accent reduction’ training cancelled at UBC

The workshop was cancelled the same day as an email was sent out to international students

Former B.C. premier Gordon Campbell accused of sexual touching

Accuser went to police, interviewed by Britian’s Daily Telegraph

Avalanche control planned tomorrow on Highway 1

The highway will be closed in the morning east of Revelstoke

Judge rules Abbotsford home must be sold after son tries to evict mom

Mom to get back down payment and initial expenses

Trump officially declares national emergency to build border wall

President plans to siphon billions from federal military construction and counterdrug efforts

Snow turns to slush, rain as it warms up across B.C.’s south coast

Some areas are already covered by more than half a metre of snow following three separate storms

Most Read