When did 'tis the season to be jolly become 'tis the season to spend?

Thursday, 13 December 2018 12:01.PM

We surveyed Canadians to learn about holiday spending and uncovered some unsettling insights.

(Toronto, December 13, 2018) - Despite rising interest rates and common perceptions of consumerism tied to the holidays, 60 per cent of holiday spenders are still willing to go into debt to make purchases this holiday season, according to Manulife Bank's 2018 holiday debt survey.

Two-thirds of Canadians plan to spend money over the holidays on gifts, travelling, holiday parties, etc. Among those:
Six in 10 don't have a budget or are likely to overspend
Eight in 10 say the holidays have become too focused on spending money
One in two have previously gone into debt to buy presents
A quarter of Canadians spending during the holidays say the financial stress of the season negatively impacts their mental health


SOURCE: Manulife Financial Corporation