Canadians plan on spending an average of $6,349.28 on travel, entertainment and impulse purchases this summer despite being concerned about finances, says a BMO survey.
The survey finds:
- The majority (61%) say they are more concerned about saving money compared to this time last year.
- Three quarters (77%) say they will be spending either the same or more than they did in 2013.
- Weekly entertainment is the largest expense, costing an average of $3,291.34 for the whole summer.
- Impulse purchases represent a third of weekly entertainment costs ($1,162.07), and 18% of total summer costs.
- Vacations, including weekend trips and longer vacations, account for 28% of total summer budgets ($1,802.40).
- Seasonal consumer goods will cost Canadians $309.49, home and garden projects will cost $535.78, and big purchases will cost $410.27, accounting for 20% of the summer budget.
“There seems to be a disconnect between their goal of focusing on saving and the amount they [Canadians] intend to spend,” says Tony Tintinalli, regional vice president at BMO.
He suggests adopting mobile banking to monitor spending, because “Eight-in-ten Canadians who have adopted mobile banking say they are able to make better purchasing decisions while on the go.”