COVID-19: Majority of Canadians scaling back over Christmas

By The IJ Staff | November 24 2020 12:02PM


COVID-19 has thrown some curve balls at Canadians even during the holiday season, with finances being top of mind for many. A survey by Tangerine Bank has found that nearly one quarter of Canadians surveyed say their debt has increased since COVID-19 – but 36 per cent said they are "totally fine" financially and almost as many say they're optimistic about the future.

Most Canadians are using credit and debit over cash. The majority also said they are going virtual – 66% are opting for online websites and another 22% for mobile apps.

With the holidays around the corner, a majority of Canadians surveyed are scaling back, with 60% claiming they don't plan to spend as much this year compared to last. In fact, Canadians plan to be savvy savers, with the majority (67%) saying they will find ways to save money this year.

Although many Canadians are taking a more modest approach with spending, holiday spirit is alive and well for the majority: 62% say that regardless of their financial situation, the holiday season must be celebrated. Gift cards (36%) take the top spot, followed by supplies for entertaining like food/drink with decor (29%) tied with clothing (29%).

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