Majority will avoid overspending this summer

Despite longer days, warmer weather and more vacation time, almost 70% of Canadians do not spend more money during summer, with some even spending less compared to the rest of the year, according to a survey by Tangerine.

Read: 6 staycation tips for clients

The poll found 81% of Canadians plan on spending just $2,000 or less on non-essential items this summer, and 70% report that they keep track of their budget during the warmer months.

Millennials (those aged 18-34) were the most likely to report spending more during the summer months compared to those 35+ (42% vs. 30%). Spending more on food, drinks and entertainment (62%, 18-34) is the main reason for this increase.

Millenials are also more likely to book vacations they can’t yet pay for (32% vs. 19%) and skip bill payments in order to have more money for summer fun (33% vs. 17%).

When it comes to getting away, the majority remain budget-focused and unwilling to spend on a whim. Almost 80% are unlikely to book a summer vacation they can’t yet pay for, and 63% say the price of gas impacts their decision to go on a road trip.

Also read:

Vacation spending to jump 20%

U.S. jobless claims down

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.