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Canadians hoping to keep holiday spending in check: study

Last Updated Nov 4, 2019 at 9:26 am PST

Credit cards are seen in Montreal on December 12, 2012. TransUnion says a spike in borrowing over the last year has led millennials to overtake boomers in total debt holdings as part of a generational shift. The credit reporting agency says total millennial debt was up by 12.3 per cent at mid-year compared with a year ago to hit $515.9 billion, just ahead of the $514.3 billion owed by boomers but still behind the $767.4 billion held by Gen X. Younger borrowers helped push overall consumer debt up 4.3 per cent compared with last year to $1.88 trillion, while debt held by boomers and the silent generation declined. THE CANADIAN PRESS/Ryan Remiorz
Summary

A new study from Equifax finds Canadians want to spend less this holiday season

The latest credit trends report from the firm showed total debt per consumer rose by almost two per cent

TORONTO (680 NEWS) – It looks like Canadians are hoping to keep holiday spending in check.

A survey by Equifax Canada says 55 per cent of Canadians are planning to spend less on holiday gifts this year.

The results come after the latest credit trends report from the firm showed total debt per consumer rose by almost two per cent at the end of the second quarter.

Julie Kuzmic, the director of consumer advocacy at Equifax Canada, says women are more likely to spend less.

“As a woman myself, I certainly can relate to the sense of responsibility over wanting to make sure that the decisions that you’re making are sustainable for your family long-term,” she says.

The study found 61 per cent of women said they wanted to spend less, compared to only 48 per cent of men.

Age was also a factor in the results. Those under 55 said they already have too much debt, and have significant anxiety about it. They were more likely to say they plan to limit their spending.

36 per cent of those who responded said it takes about a month to catch up financially after the holidays are done.