Canadians are pinching pennies after spending more than they originally planned to over the holidays.
More and more Canadians are overspending each holiday season, reaching the highest point in five years this past December, with 41 per cent overspending in 2015 compared to 33 per cent in 2011.
In fact, more Canadians across the country over-spent during the holidays, by about $400, according to the 2016 RBC Post-Holiday Spending Poll.
The Ipsos Reid poll, conducted between January 11th and 15th, surveyed 2,002 Canadians on their spending.
According to their findings, people generally spent the most on electronics, at $172 per person, followed by toys, at $94.
Spending in both categories was higher for young Canadians, between the ages of 18 and 34, coming in at $228 and $100, respectively.
The good news is, post-holidays, younger Canadians who overspent are leading the pack in making plans to better their finances.
Compared to Canadians in general, young people are cutting back more on entertainment, lunch, and coffee.
"Bringing a lunch or a thermos of coffee or tea to work can add up to hundreds of dollars in savings over a year," said Maria Contreras, senior manager of savings at RBC Royal Bank, said in a statement. "When we work with our clients to help them save, it's often advice about the small steps that can make the biggest difference.”
Younger Canadians who overspent this past holiday season are also working to prevent doing it again.
Around 10 per cent more young Canadians, compared to the general public, are setting aside savings specifically for holiday expenses next year, and have already created a yearly budget.
"These are all tried and true savings techniques – planning and budgeting to keep track of spending," added Contreras. "You can give yourself one of the best gifts of all by starting right now to find ways to save throughout the year for the extra expenses that come with holiday seasons and other special occasions."
On average, customers in British Columbia spent less per person on gifts compared to the rest of the country. According to the survey, west coast consumers also are the least likely to do anything differently in 2016 to prepare for next holiday season.
People in Atlantic Canada were once again the most generous gift-givers, leading the country once more as top over spenders, while Ontario spent had the least over spenders.
