More than half of Canadians think holiday spending "not worth it": report

The holidays are quickly approaching and a number of Canadians think they have better alternatives to their December budget.

Not spending it at all.

According to a new report by the Canadian saving and investing app, Mylo, 60% of Canadians believe that the average amount of money we spend during the holidays is “simply not worth it.”

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The report, which surveyed over 3,000 Canadians, also found that if the holidays were cancelled, nearly one in three Canadians would save and invest the money instead, while another one in four would pay off debt.

While the report shows that saving, investing, and debt-managing are the top priorities for the non-holiday spenders, 60% indicated they would simply not do anything to “actively save money” during the holidays.

“Staying focused on achieving financial goals while making the most of the holiday season can feel like a stretch,” says Phil Barrar, Mylo founder and CEO. “We created Mylo to give Canadians a simple, automatic, and stress-free way to save and invest towards major life goals as well as shorter-term ones, like celebrating the holidays.”

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Respondents from Winnipeg (68%), Saskatoon (68%), and Montreal (67%) topped the country’s list when it comes to saying that the money spent on the holidays isn’t worth it.

Torontonians topped the list of respondents (12%) who indicated they would spend over $2,500 on the holidays, followed by Vancouver and Calgary residents at 10% each.

Saskatoon residents were most likely to spend the money on travel (37%), followed by Winnipeg at 27%.

Representatives from Halifax topped the list of cities that replied that they’d use holiday money to “Party!”

Mylo also dished out some Canadian numbers when it comes to spending during the holidays:

• The average Canadian will spend $1,593 over the 2019 holiday season.
• The average net saving for all Canadian households was $852 in all of 2018.
• The national average of debt reached $30,208 in the second quarter of 2019 (not including mortgages). This includes $4,236 of credit card debt.
• Almost one third of Canadians are afraid to look at their credit card bill come January.

As you ponder what you might do with your money during the upcoming holidays, check out the Mylo website for the full roundup of the report.