Canadians willing to incur Christmas debt in large numbers.
The number is quite high – 60 per cent.
Buying Christmas gifts is the reason.
The results are from a survey by Manulife.
Manulife is a Canadian multinational insurance and financial services firm.
“This pressure can leave Canadians feeling defeated during the upcoming holiday season.
“Of those planning to spend this holiday season, four in 10 already have a budget in mind, however, more than half of those think they will overspend this holiday season.
“Three-quarters of those planning to use a form of credit say they’ll use credit cards as their main form of payment,” the Manulife report says.
And racking up those Christmas bills is having a negative effect on Canadians.
Four in 10 Canadians say they get stressed out before the holidays.
And the holidays cause more financial stress than at any other time of the year.
Canadians Willing To Incur Christmas Debt
“Financial worries cause stress for many Canadians and during the holidays that stress increases,” says Rick Lunny, president and CEO, Manulife Bank.
“Even the most conservative spender can feel overwhelmed during the holidays, but a little planning can go a long way.”
And he has some advice.
Write out your costs, think about what’s achievable and necessary, while finding ways to spend more time with family and friends and less money to relieve stress and reduce the burden of debt.”
But Canadian and their money woes are an ongoing problem.
A study conducted by the Canadian Payroll Association notes that.
Forty four per cent of Canadians polled say they would face financial difficulties if their pay cheque was delayed by as little as a week.
That is slightly better than what the number was several years ago – 48 per cent.
“The sense we got from the survey is that while Canadians are feeling a little better about their financial health, it’s largely due to the job situation and a strong economy,” association president Peter Tzanetakis told HuffPost Canada.
“The reality is that they continue to carry very high debt loads, and it’s impacting their ability to save for a rainy day or even retirement.”
Aside from the pay cheque delay issue Canadians have been struggling with their money for some time now.
And they say two key things are responsible for their money woes.
The high cost of medical and dental care.
Others include having to take out payday loans.
The situation is so bad that money woes afflict one in six Canadians.