But generosity supersedes money worries for a majority
WINNIPEG, Dec. 11, 2013 /CNW/ - One in four Canadians (23 per cent) say
whether they set a budget or not, they feel helpless when trying to
control their spending during the holidays and two-thirds (68 per cent)
of this group admit that this reflects how they handle their finances
throughout the rest of the year.
A recent survey from Investors Group reveals that the joy of giving
during the holiday season is often accompanied by challenges in keeping
spending under control.
Feeling good about giving
Six-in-ten Canadians (62 per cent) say they are not concerned with
overspending during the holidays because it feels good to give gifts
and three-quarters (76 per cent) of Canadians say they enjoy the
holidays and are not worried about the cost. On the other hand, 31 per
cent are concerned by their excessiveness and 18 per cent say they
don't enjoy the holiday season because of their worry over the
financial outlay.
"The holiday season presents us with a chance to show our love and
appreciation to friends and family and treat ourselves as well," says
Todd Sigurdson, financial planning expert at Investors Group.
"Unfortunately, this generosity coupled with the demands of the season
can leave Canadians feeling overwhelmed and somewhat helpless. Having a
plan for your holiday spending and being alert for ways to save even a
little are good ways to start to regain a sense of control at this busy
time of year."
Setting boundaries
Thirty per cent of Canadians say they set a holiday spending budget and
stick to it, however, another 15 per cent of those who set a budget say
they have a habit of spending more. Meanwhile, 40 per cent of Canadians
say they control their spending by limiting their purchases to what
they can pay for in cash.
The size of the credit card bill comes as a surprise to 17 per cent of
holiday shoppers with those aged 25 to 34 being most likely to be
surprised at the final tally.
"Setting boundaries during a time of year when financial demands are
high is a good idea," Sigurdson says. "However, budgeting and spending
within your means should be something that is celebrated year round."
Across the country Canadians look for ways to save
Two out of three (66 per cent) Canadians surveyed say they shop in
advance to limit last minute splurging, with women being the real
advanced planners at 69 per cent compared to 63 per cent of men who
shop ahead of time.
Twenty per cent of respondents surveyed said they purchase gently-used
or second hand holiday gifts during the season and 17 per cent admit to
re-gifting to cut down on costs. Forty-four per cent save some of their
gift-giving and shopping for after the holidays to take advantage of
sales.
|
Ways to save
|
Atlantic
|
Quebec
|
Ontario
|
Saskatchewan/
Manitoba
|
Alberta
|
B.C.
|
|
Re-gifting
|
22%
|
12%
|
16%
|
19%
|
20%
|
25%
|
|
Second hand gifting
|
17%
|
32%
|
13%
|
21%
|
6%
|
26%
|
|
Post-holiday gifting
|
52%
|
45%
|
44%
|
53%
|
36%
|
40%
|
When it comes to spending on items other than gifts, more than one third
(36 per cent) say they tend to budget for gifts, but forget to budget
for miscellaneous holiday spending on things such as: food, drink,
entertainment and travel.
About the Survey Methodology
Data was collected using computer assisted telephone interviewing (CATI)
via the Harris/Decima teleVox omnibus. Overall, 1,030 completes were
collected nationally between November 14 and November 18, 2013. The
sample consists of 80% landline and 20% cell phone respondents, with
quotas by gender (50/50 split) and by region. The data is weighted in
tabulation to replicate actual population distribution by age and
gender within region according to the 2011 Census data. This survey is
considered accurate to a margin of plus or minus 3.1 per cent, 19 times
out of 20.
About Investors Group
Investors Group, founded in 1926, is a national leader in delivering
personalized financial solutions to Canadians through a network of
approximately 4,600 Consultants located throughout Canada. In addition
to an exclusive family of mutual funds and other investment vehicles,
Investors Group offers a wide range of insurance, securities, mortgage
and other financial services. Investors Group is a member of the IGM
Financial Inc. (TSX: IGM) group of companies. IGM Financial is one of
Canada's premier financial services companies with approximately $131
billion in total assets under management as of November 30, 2013.
SOURCE Investors Group Inc.
