Canadians plan to stick to holiday budgets

More than two-thirds of Canadians are committed to staying within budget this holiday season, finds a CIBC poll. Most say they’ll spend an average $517 on shopping this year.

Gen Y is the most likely (30%) to say they’ll go over budget if it means giving the perfect gift. In contrast, only 12% of those over 55 say they’ll blow their budgets.

Read: How much will parents spend this Christmas?

Additional findings include:

• 66% plan to spend about the same amount as they did last year;
• 20% plan to spend less; and
• 9% plan to spend more than last year

Veni Iozzo, senior vice-president, Retail and Business Banking, CIBC advises that those who plan to spend more need to have a realistic plan. “While the holiday spirit may inspire generosity, each purchase, especially unplanned, can really add up,” she says. “It is important to watch your spending carefully as you go.”

Here are some articles to help holiday shoppers budget this year.

Tell clients to control holiday spending

Many Canadians don’t save for unexpected events

Most Canadians can’t retire as planned

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.