A total of 57.6% of Canadians said they feel pressured to spend more than they can afford on Christmas gifts, according to a survey conducted by Harris and Partners. Meanwhile, 42.4% of Canadians said they do not feel pressured to spend more than they can afford on Christmas gifts, according to the survey. Harris and Partners said the top feeling people have to describe their mental health during the Christmas season due to financial pressures is somewhat stressed (41.2%). However, it found the second top feeling was neutral (25.2%). After neutral was very stressed (22.3%). This was followed by somewhat relaxed (5.9%) and very relaxed (5.4%). While some Canadians might feel stressed about finances during Christmas, 52.3% said they try to manage within their means. Another 34.7% said they occasionally borrow money to avoid disappointing loved ones during Christmas, and 13% said they frequently do. Harris and Partners went on to say 44.5% admit to thinking their holiday debt affects their enjoyment during Christmas. Moreover, it said 29.4% feel it has no effect on their enjoyment. Another 21.4% said it significantly affects their enjoyment, and 4.7% find it improves it. The top amount of time it takes Canadians to feel financially back on track after Christmas was one to three months (41.9%). Less than one month finished in second place (16.5%). After less than one month was four to six months (14%). This was followed by never feel off track (12.2%), more than six months (9.2%), and never recover (6.3%). Harris and Partners continued by saying 66.2% feel financial pressures around Christmas leading to feelings of anxiety. Meanwhile, it said 33.8% feel this is not the case. Seven-tenths said financial pressures around Christmas make them feel stressed. Three-tenths indicate financial pressures do not stress them out. Although Christmas can be a stressful time, 53.8% said worrying about its spending does not affect their ability to sleep. The other 46.2% said worrying about Christmas spending impairs their sleep. Harris and Partners concluded by saying 77.8% of Canadians keep their financial pressures during Christmas to themselves and avoid telling others. It said 22.2% do not keep them to themselves and tell others. Data published from Statistics Canada on November 11 found Canadian households now carry about $3 trillion in debt, surpassing the country's entire economic output..Canadian household debt nears $3 trillion amid rising credit costs .Statistics Canada Assistant Chief Statistician Jennifer Withington warned rising living costs are exacerbating financial strain, especially for vulnerable households.“Household debt had reached nearly $3 trillion by August 2024, translating to $1.76 owed for every dollar of disposable income,” said Withington. The survey was conducted using an unknown method with 3,835 Canadian adults between unknown dates. No margin of error was assigned to it.
A total of 57.6% of Canadians said they feel pressured to spend more than they can afford on Christmas gifts, according to a survey conducted by Harris and Partners. Meanwhile, 42.4% of Canadians said they do not feel pressured to spend more than they can afford on Christmas gifts, according to the survey. Harris and Partners said the top feeling people have to describe their mental health during the Christmas season due to financial pressures is somewhat stressed (41.2%). However, it found the second top feeling was neutral (25.2%). After neutral was very stressed (22.3%). This was followed by somewhat relaxed (5.9%) and very relaxed (5.4%). While some Canadians might feel stressed about finances during Christmas, 52.3% said they try to manage within their means. Another 34.7% said they occasionally borrow money to avoid disappointing loved ones during Christmas, and 13% said they frequently do. Harris and Partners went on to say 44.5% admit to thinking their holiday debt affects their enjoyment during Christmas. Moreover, it said 29.4% feel it has no effect on their enjoyment. Another 21.4% said it significantly affects their enjoyment, and 4.7% find it improves it. The top amount of time it takes Canadians to feel financially back on track after Christmas was one to three months (41.9%). Less than one month finished in second place (16.5%). After less than one month was four to six months (14%). This was followed by never feel off track (12.2%), more than six months (9.2%), and never recover (6.3%). Harris and Partners continued by saying 66.2% feel financial pressures around Christmas leading to feelings of anxiety. Meanwhile, it said 33.8% feel this is not the case. Seven-tenths said financial pressures around Christmas make them feel stressed. Three-tenths indicate financial pressures do not stress them out. Although Christmas can be a stressful time, 53.8% said worrying about its spending does not affect their ability to sleep. The other 46.2% said worrying about Christmas spending impairs their sleep. Harris and Partners concluded by saying 77.8% of Canadians keep their financial pressures during Christmas to themselves and avoid telling others. It said 22.2% do not keep them to themselves and tell others. Data published from Statistics Canada on November 11 found Canadian households now carry about $3 trillion in debt, surpassing the country's entire economic output..Canadian household debt nears $3 trillion amid rising credit costs .Statistics Canada Assistant Chief Statistician Jennifer Withington warned rising living costs are exacerbating financial strain, especially for vulnerable households.“Household debt had reached nearly $3 trillion by August 2024, translating to $1.76 owed for every dollar of disposable income,” said Withington. The survey was conducted using an unknown method with 3,835 Canadian adults between unknown dates. No margin of error was assigned to it.
