According to the BMO Real Financial Progress Index, 78% of Canadians plan to cut back on holiday spending, but one-third of Canadians still plan to donate to charitable causes. The study found that:
- 78 percent of Canadians plan on purchasing fewer gifts this holiday season.
- 26 percent of Canadians plan on reducing the number of people they gift to.
- 37 percent are not confident they will be able to afford every item on their holiday shopping list.
- 51 percent of Canadians say thinking of holiday spending causes financial anxiety.
- 40 percent are planning on buying less expensive gifts.
- On average, Canadians believe it will take three months to pay back their holiday bills.
- 24 percent are not confident they will be able to pay off their post-holiday bills on time.
With the cost-of-living crisis and challenging economic environment at the forefront, Canadians are planning on dedicating funds to charitable giving this holiday season:
- 33 percent of Canadians say their charitable giving will remain the same as previous years.
- Over 35 percent plan on contributing money and/or donating stocks, securities and/or mutual funds to charitable causes.
- 16 percent plan to volunteer their time this holiday season.
