Canadians tightened their belts during the
holidays: RBC Poll
Most stayed on budget or had savings goals to avoid increasing
debt; almost one-third overspent
TORONTO, February 7, 2013 — Canadians gave themselves
the gift of debt management over the holidays and started
2013 with confidence, according to the RBC Post-Holiday Spending
Poll. About seven-in-10 Canadians (69 per cent) kept their
holiday spending in check, led by residents in Quebec (72
per cent), British Columbia (70 per cent) and Saskatchewan
and Manitoba (70 per cent).
Canadians used a variety of strategies to help them stick
to their holiday budgets, including avoiding going into debt
or increasing their debt loads (41 per cent, up one point
from a year ago) or keeping track of spending (31 per cent,
up four points from last year). Some survey respondents said
they controlled their costs by focusing on only spending what
they had (28 per cent, up two points from the 2012 survey).
The desire to reach a savings goal also kept some Canadians
from spending more than intended (13 per cent, up four points
from a year ago).
"The majority of Canadians had a solid game plan for
holiday purchases by setting goals to avoid a debt hangover
for the new year," said Kim Taylor, director, Client,
Personal Lending at RBC. "It's encouraging to see that
Canadians are paying attention to their household debt levels
and managing their debts, while continuing to save for the
future."
Almost one-third of Canadians (31 per cent, unchanged from
last year) said they spent more than intended during the holidays,
led by residents in Ontario and Atlantic Canada (tied at 33
per cent each). Nationally, Canadians overspent their budget
by an average of $463, down slightly from the $467 overspent
from the previous year.
Among Canadians who overspent during the holidays, the RBC
poll found that most plan to cut back on day-to-day living
expenses such as groceries, phone and cable (43 per cent),
entertainment (41 per cent), or coffee and lunch money (32
per cent) in order to get back on track. Some Canadians are
cutting back on debt either through their use of credit cards
(38 per cent) or lines of credit (15 per cent).
"Some Canadians went over their holiday budgets and
are now making short-term changes to discretionary items,
such as entertainment and coffee, to get back on track,"
said Taylor. "That's why it's a good idea to create and
stick to a budget and monitor your spending throughout the
year."
Provincial Highlights:
- Percentage of Canadians who kept their holiday spending
in check:
| National |
69
per cent
(unchanged from a year ago) |
| British
Columbia |
70
per cent
(unchanged from a year ago) |
| Alberta |
69
per cent
(down from 71 per cent a year ago) |
| Saskatchewan
and Manitoba |
70
per cent
(up from 68 per cent a year ago) |
| Ontario |
67
per cent
(down from 68 per cent a year ago) |
| Quebec |
72
per cent
(up from 71 per cent a year ago) |
| Atlantic
Canada |
67
per cent
(up from 65 per cent a year ago) |
- Percentage of Canadians who spent more than intended
compared to a year ago:
| National |
31
per cent
(unchanged from a year ago) |
| British
Columbia |
30
per cent
(unchanged from a year ago) |
| Alberta |
31
per cent
(up from 29 per cent a year ago) |
| Saskatchewan
and Manitoba |
30
per cent
(down from 32 per cent a year ago) |
| Ontario |
33
per cent
(up from 32 per cent a year ago) |
| Quebec |
28
per cent
(down from 29 per cent a year ago) |
| Atlantic
Canada |
33
per cent
(down from 35 per cent a year ago) |
- Amount Canadians spent more than intended:
| National |
$463.30
(down $3.80 from $467.10 a year ago) |
| British
Columbia |
$439.60
(down $103.80 from $543.40 a year ago) |
| Alberta |
$504.20
(down $27.60 from $531.80 a year ago) |
| Saskatchewan
and Manitoba |
$477.30
(up $68.90 from $408.40 a year ago) |
| Ontario |
$477.50
(up $11.80 from $465.70 a year ago) |
| Quebec |
$402.00
(down $14.10 from $416.10 a year ago) |
| Atlantic
Canada |
$533.80
(up $61.60 from $472.20 a year ago) |
About the RBC Post-Holiday Spending Poll
The survey was conducted online via Ipsos Reid's national
I-Say Consumer Panel of 3,150 Canadians. Weighting was then
employed to balance demographics and ensure that the sample's
composition reflects that of the adult population according
to Census data and to provide results intended to approximate
the sample universe. Data collection was January 2 to 14,
2013. A survey with an unweighted probability sample of this
size and a 100 per cent response rate would have an estimated
margin of error of ±2 percentage points, 19 times out
of 20, of what the results would have been had the entire
population of adults in Canada been polled.
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For more information, contact:
Ka Yan Ng, RBC Corporate
Communications,
416 974-1794
Matt Gierasimczuk,
RBC Corporate Communications,
416 974-2124
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