(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

Fraser Health reminds parents to get their kids fully vaccinated against measles

Health authority will send letters home to parents with catch-up program information

Chilliwack Hospice Society gearing up for annual Hike

Funds raised at Chilliwack walk remain local to help support programs for community members

Gas prices in Metro Vancouver hit $1.72 a litre

And one analyst expects it to only go higher this week

PHOTO: Pollination time

Hyacinths attract bees looking for pollen

Chilliwack school board making effort to foster better relationships

Board reaching out to parents via dinner event, and online forum

What’s age got to do with it? B.C. couple with 45-year gap talks happy marriage

An Armstrong couple that has 45-year age gap began turning heads after being featured on show Extreme Love.

WATCH: South Vancouver Island shooting an ‘isolated and targeted’ incident, say police

One person in custody, another fled following shooting and crash on West Shore

Woe, Canada: Bruins down Maple Leafs 5-1 in Game 7

No Canadian teams left in Stanley Cup playoffs

Defence accuses officer of ‘incompetence’ in trial for B.C. man accused in daughters’ murder

Double murder trial for the Victoria father accused of killing his two young daughters continues

Loud jets from Abbotsford are annoying residents of tiny U.S. town

Flights out of Abbotsford airport turn over border town and annoy residents, Sumas mayor says

Olympic auditions return to Lower Mainland

Event an opportunity for unknown athletes to shine and, maybe, change sports

B.C. men challenge constitutionality of Canada’s secret no-fly list

Parvkar Singh Dulai says he received a “denial of boarding” notification under the no-fly program last May 17

Murder on B.C. property didn’t need to be disclosed before sale, court rules

Buyer had tried to break contract after learning a man with ties to crime had been murdered there

B.C. pedophile wins appeal after violating court order

Kelly Glen Isbister’s sentence was cut by the BC Court of Appeal

Most Read