Canadians will overspend this summer

As temperatures rise, Canadians don’t seem to be sweating their finances. In fact, 52% have adopted a more carefree attitude towards spending in the summer, finds a survey by Tangerine. And 34% admit to spending more during the summer months.

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Food, drink and entertainment were cited as the number one reason for increased summer spending (67%), followed by weekend trips (42%) and vacations (37%). And when asked if this spending surge impacted the amount they were able to save during summer, 83% answered “yes.”

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Additional findings include:

• 88% have no plans to spend less this summer;
• one in five say they’re likely to book this year’s summer vacation by using credit or going into debt;
• millennials are most likely to put their budget on ice over the summer, with 62% adopting a more carefree attitude towards spending; versus 50% for Canadians aged 35-54; and
• 33% don’t contribute to their savings over the summer.

Staff

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