2018 Holiday Debt Survey says…spend #LessMoneyMoreTime
Manulife Bank surveyed just over 2000 Canadians between the of ages 20 and 69 to uncover how they feel about debt and holiday spending. The survey results provide thought-provoking insights everyone can use to start thinking about their own spending and personal debt management.
The survey1 revealed that even though eight in 10 Canadians say the holidays have become too focused on spending money, more than 60 percent of those planning to spend are willing to go into debt to buy gifts for family and friends. Overspending during the holiday season can leave you with a financial hangover that lasts into the new year.
- Six in 10 Canadians planning to spend over the holidays either don’t have a budget or think it’s likely they’ll overspend
- A quarter of Canadians agree that they are more stressed about finances over the holidays than the rest of the year and they can’t afford to spend what they are expected to
- Three in 10 say they struggle to pay off debt after the holidays
- 30% also agree the holiday season undoes all the good financial decisions they’ve made throughout the year
Manulife Bank is committed to helping you make confident financial decisions. Don’t let debt and financial stress put a strain on your holidays. Start talking to your advisor about debt management today.
About Manulife Bank's Debt Research
Manulife Bank believes many Canadians could save money, become debt-free sooner and achieve more of their financial goals by managing debt more effectively.
Effective debt management is a key contributor to financial health. By conducting surveys and research into debt management, we’d like to:
- Inform and encourage public discussion of consumer debt in a way that helps people understand the role that debt plays in their financial health;
- Educate Canadian consumers on effective debt management by providing information and insights;
- Encourage Canadians to discuss debt management with their families and financial advisors and look for ways to manage their debt more effectively.
1 The Manulife Bank of Canada poll surveyed 2,003 Canadians in all provinces between ages 20 and 69 with household income of more than $40,000. The survey was conducted online by Ipsos between August 31 and September 5, 2018. National results were weighted by gender, age, region and education. This survey has a credibility interval of +/- 2.5%. Manulife Bank, Manulife Bank & Stylized M Design, and Stylized M Design are trademarks of The Manufacturers Life Insurance Company and are used by Manulife Bank under license.