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Many Canadians hit savings with holiday spending

“It’s easy to see why giving experiences has become important during the pandemic, as many are overestimating the gift of time with family and friends,” said Flora Doe, Term Investments and Savings and vice president of RBC InvestEdge. , “When each new year begins, it becomes a challenge for some to figure out how to pay off their generosity during the holiday season and get savings back on track.”

Asked if they are saving some extra this year, almost a quarter (22%) said they are not and don’t expect they will have anything else in 2022.

A third (33%) of respondents said they spent more during the holiday season, with the average Canadian exceeding their budget by $414.

Looking at the different ways Canadians pay for their gift giving, nearly half (48%) said they paid by cash or debit card, while 43% said they used a credit card.

Focusing on overspenders, the survey found that 16% bear the cost on their credit cards and are paying the balance promptly. Another 13% also said that they bear the cost on their credit card, but are going to pay off the balance in at least two months.

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