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Almost a quarter of Canadians overspent this year on Black Friday and Cyber Monday deals, according to a new survey from FP Canada.
The survey found while 60 per cent of shoppers stuck to their budget, one-out-of-four Canadians spent more than the $250 they had budgeted for the holiday shopping events.
Younger consumers aged 18 to 34 had a harder time sticking to their spending plans in light of retail deals with 32 per cent saying they overspent.
“With more bricks-and-mortar stores open due to easing pandemic restrictions, it’s easy to understand the temptation to spend,” said Tashia Batstone, president and CEO of FP Canada, in a release.
“But it’s important for Canadians to be diligent about getting back on track financially if they’ve gone a little overboard already this holiday season.”
Significant spending this early into the Christmas season could lead to more debt troubles for Canadians come 2022.
The average resident is expected to have $814 more in credit card debt heading into the new year in comparison to the last holiday season.
“If you didn’t have a budget for your holiday spending before Black Friday, start one today,” said Sucheta Rajagopal, certified financial planner and portfolio manager at Research Capital Corp., in a release.
“Having a clear sense of how much you are spending is the easiest way to make sure that you don’t dig yourself into a debt hole so deep that you need to spend the next year digging out of it.”