Many express regret about their holiday spending
In its latest study, MNP Debt found that the first few days of the new year right after the holidays represent a rude awakening for millions of Canadians already labouring under ever-growing debt levels.
The survey, which was conducted by Ipsos for MNP, uncovered that roughly 3 in 10 (31%) Canadians expressed anxiety and regret over the arrival of their holiday bills, including credit card transactions. Almost a quarter (22%) of the respondents stated that they are “losing sleep” due to over-spending last December.
“Holiday spending puts many deeper into debt, which then increases feelings of fear, anxiety, guilt and stress. To make matters worse, some deal with these feelings and the January activity lull by spending even more,” MNP president Grant Bazian said.
Read more: Uninsured mortgage segment sees ‘explosive growth’
And while spending on festivities might appear to be the main driver of this spending spree, the poll found that nearly a quarter of Canadians actually increased their debt loads for leisure or entertainment to stave off boredom.
In addition, the study found that millennials and members of generation X are more likely than baby boomers to feel regret and anxiety during the December holidays: 41% of millennials expressed regret over how much they’ve spent over the holidays, and a similar proportion (38%) have felt anxiety over the arrival of their holiday-spending bills.
Related stories:
Canada debt-to-household-income ratio swells to 171% – StatsCan
Growth of asset worth pushes median family net worth to $295.1K – StatsCan
The survey, which was conducted by Ipsos for MNP, uncovered that roughly 3 in 10 (31%) Canadians expressed anxiety and regret over the arrival of their holiday bills, including credit card transactions. Almost a quarter (22%) of the respondents stated that they are “losing sleep” due to over-spending last December.
“Holiday spending puts many deeper into debt, which then increases feelings of fear, anxiety, guilt and stress. To make matters worse, some deal with these feelings and the January activity lull by spending even more,” MNP president Grant Bazian said.
Read more: Uninsured mortgage segment sees ‘explosive growth’
And while spending on festivities might appear to be the main driver of this spending spree, the poll found that nearly a quarter of Canadians actually increased their debt loads for leisure or entertainment to stave off boredom.
In addition, the study found that millennials and members of generation X are more likely than baby boomers to feel regret and anxiety during the December holidays: 41% of millennials expressed regret over how much they’ve spent over the holidays, and a similar proportion (38%) have felt anxiety over the arrival of their holiday-spending bills.
Related stories:
Canada debt-to-household-income ratio swells to 171% – StatsCan
Growth of asset worth pushes median family net worth to $295.1K – StatsCan
