TORONTO – A bank survey released today indicates a majority of Canadians managed to keep their holiday spending in check.
The RBC poll found concern about debt levels was the top reason 69 per cent of holiday shoppers stayed on track.
However, the survey found 31 per cent spent more than intended during the holidays, and women were more likely to go over budget than men.
Those who overspent went over their budget by an average of $467, up almost $38 from 2010.
Many of the overspenders say they plan to cut back on entertainment and day-to-day living expenses such as groceries, phone and cable to get back on track.
The online survey polled 4,479 people and the results were weighted to balance demographics and reflect the adult population according to census data.
“It’s encouraging to see that the majority of Canadians kept an eye on personal debt and took a more cautious approach to holiday purchases,” said Richard Goyder, vice-president of personal lending at RBC.