New study finds Canadians believe holiday spending isn’t worth it


Published November 27, 2019 at 12:13 am


Do you feel the inevitable costs associated with the holidays just aren’t worth it? According to a recent poll, you aren’t alone.

Mylo, a popular Canadian saving and investing app, recently surveyed 3,000 Canadians regarding their opinions on holiday spending.

According to the results, 60 per cent of Canadians felt the amount of money they are obliged to shell out during the holidays “simply wasn’t worth it.”

Additionally, in response to a hypothetical scenario in which the holidays were canceled, nearly 33 per cent of people said they would invest that money instead, while 25 per cent of people said they would use that money to pay off debt.

However, while these findings indicated Canadians feel passionate about saving money and paying off debt, 60 per cent of respondents said they wouldn’t be doing anything to save money these holidays.

“Staying focused on achieving financial goals while making the most of the holiday season can feel like a stretch,” Phil Barrar, Mylo founder and CEO, said in a news release.

“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,” he continued.

According to the findings, people from the GTA topped the list of those planning on spending $2,500 or more this holiday season.

Elsewhere around the country, Winnipeg, Saskatoon, and Montreal lead the way when it came to people who felt spending money over the holidays wasn’t worth it with 68, 68 and 67 per cent of respondents saying they felt this way.

Haligonians were the wildest of respondents, as they lead the way in number of respondents who said, if the holidays were suddenly canceled, they would spend that money on partying. Further, 75 per cent of respondents from Halifax said they weren’t actively taking steps to save money these holidays.

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