A quarter (25%) of Canadians say they overspent this year on Black Friday and Cyber Monday deals, according to a new poll by FP Canada.
The survey found that while 60% of shoppers stuck to their budget, one out of four Canadians spent more than the $250 he or she had budgeted for the holiday shopping events.
Younger consumers aged 18 to 34 had a harder time sticking to their budgets in light of retail deals, with 32% saying they overspent.
Significant spending this early into the Christmas season could lead to more debt troubles for Canadians come 2022, according to FP Canada. The average person is expected to have $814 more in credit card debt heading into the New Year compared to last Christmas.
"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," said Tashia Batstone, President of FP Canada, in a news release.
