Debt takes a holiday: Canadian overspending drops this holiday season as more shoppers stick to their budgets - RBC poll

TORONTO, Feb. 6, 2019

The biggest drop was among 18- to 34-year-olds and women, who cut their overspending by almost $200 ($363 and $379 respectively) compared to 2017. While there was only a slight decline in the number of Canadians who spent more than expected (40% vs. 42%) the good news is that almost one-third (30%) of these overspenders report they have already paid off their seasonal shopping spree.

"We're all tempted to toss aside the budget during the holiday season, but what a good news story to see that Canadians showed restraint this year and far fewer are entering 2019 with holiday debt weighing them down," said Vinita Savani, Vice-President, GICs & Savings, RBC. "Canadians are starting 2019 off on the right foot – their next step will be managing their spending throughout the year and seeing if they can build up their savings too."

The RBC poll also surveyed Canadians about their ability to save and found it continues to be a challenge. When asked if they had any idea how much more they might be able to set aside above what they are currently saving, one-quarter (23%) responded that they weren't saving regularly now and weren't expecting to be able to save anything 'extra'.

"Regular savings is challenging for many people – can I find anything extra to save and how much if I can?" added Savani. "We heard the challenges and developed NOMI Find & Save to do all the work for you. By proactively analyzing your spending and saving, NOMI finds extra money we think you won't miss and automatically sets it aside for you in a savings account. Before you know it, you've saved enough to start daydreaming about what you will do with your 'found money'. And we know that this past year, some of these found savings helped take care of people's gift lists."

Since launching in October 2017, NOMI Find & Save has helped Canadians save more than $60 million – with active NOMI Find & Save clients saving on average $150 per month. In addition, NOMI Find & Save is now available to joint account holders, helping even more clients automatically accelerate their savings.

National poll highlights