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It’s the most wonderful time of the year—for overspending, that is.

Holiday shopping budgets are up 8% from last year, reveals a CIBC poll. That puts the average budget to almost $650. Further, Canadians plan to spend another $300 on entertaining and other festive events.

Younger Canadians are increasing their spending the most—by 39% to about $555.

Despite the expected increase in spending, many Canadians aren’t in a position to be loose with the purse strings.

Read: As spending season begins, Canadians have a debt problem

That’s because 41% of those surveyed admit they can’t afford the holiday spending spree, but the pressure is unavoidable. And more than half (52%) say they expect to blow their budgets.

Read: Clients equate budgets with stress

Here’s where advisors come in: Canadians overwhelmingly say they wish they could save more money during the holidays (74%)—a clear opportunity for advisors to play Santa by helping clients find ways to do just that.

About the survey: From Nov. 27 to Nov. 28, 2017, an online survey was conducted among 1,512 randomly selected Canadian adults who are Angus Reid Forum panellists. The margin of error, which measures sampling variability, is +/- 2.5%, 19 times out of 20.

Also read:

Lack of savings could delay retirement indefinitely, study finds

Originally published on Advisor.ca
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