2018 Holiday Debt Survey Says:

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2018 Holiday Debt Survey Says:

Manulife Bank surveyed just over 2000 Canadians between the of ages 20 and 69 to uncover how they feel about debt and holiday spending.  The survey results provide thought-provoking insights everyone can use to start thinking about their own spending and personal debt management.

The survey1 revealed that even though eight in 10 Canadians say the holidays have become too focused on spending money, more than 60 percent of those planning to spend are willing to go into debt to buy gifts for family and friends. Overspending during the holiday season can leave you with a financial hangover that lasts into the new year.

Key findings:

  • Six in 10 Canadians planning to spend over the holidays either don’t have a budget or think it’s likely they’ll overspend
  • A quarter of Canadians agree that they are more stressed about finances over the holidays than the rest of the year and they can’t afford to spend what they are expected to
  • Three in 10 say they struggle to pay off debt after the holidays
  • 30% also agree the holiday season undoes all the good financial decisions they’ve made throughout the year

You can read more over at Manulife.