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According to the survey, 37% of those surveyed said they would cut spending this year, while inflation would affect holiday spending for 78% of Canadians.
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The survey, carried out by Money Mart and Angus Reid, found that of those cutting costs, four in five will reduce spending on gifts, while others expect cuts to retail (56%), restaurants (48%) and entertainment (45%).
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“Canadians are financially savvy, but the holidays can stretch even the best planners,” said Peter Cullen, CEO of Money Mart, in a statement.
“This is a stressful time of year with added expenses and gift giving, and when unexpected expenses arise, such as car repairs or home emergencies, it can make things even more stressful.”
Difficult time of year
The survey found that 43% are worried about balancing holiday spending with everyday expenses, and 28% aren't confident they can handle unexpected expenses.
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Younger Canadians are more concerned about balancing leisure activities with everyday expenses: Generation Z (53%), Millennials (48%) and Boomers (34%).
LESS THAN ONE THIRD COULD NOT COPE WITH UNEXPECTED COSTS
Otherwise, 28% of respondents are not confident that they will be able to cope with unexpected expenses: 53% of Gen Zers and 48% of Gen Zers. Millennials concerned about how to balance holiday spending with everyday expenses.
The poll, conducted online Oct. 14-16 with 1,511 respondents, found that for comparison purposes only, a probability sample of that size would have a margin of error of 2.5%, 19 times out of 20.
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