By Dhevin Indar
The holidays are coming up and roughly 4 in 10 Canadians plan to spend less this year according to a new survey from Nanos Research. They are likely to spend less than last year due to fears about an upcoming recession in 2023. 42 percent of Canadians think it’s likely Canada will have a recession in 2023 while 44 percent believe it is somewhat likely.
The survey also found younger Canadians (18 to 34) are likely to spend more than older Canadians (55 and up). Some students are saying they will spend less this year because personal debt is becoming more burdensome due to inflation. In a survey done by Equifax Canada 41 percent of Canadians will spend less on the holidays this year because their debt is already too high.
It is important to go into the holiday season with a well thought out budget. Whether your spending more or less preparing and sticking to a budget may help those credit card bills a little easier to face in January.