Budgeting main cause of holiday stress

Budgeting is the main cause of stress during the holiday season, and a surprising number of Canadians plan to use loyalty points as a money-saving solution, according to a Leger survey conducted for PC Financial.

Read: Nearly half of Canadians waiting to click ‘buy’ on Cyber Monday

About 41% list budget as their top source of holiday stress, followed closely by choosing gifts (41%), time management (31%), paying post-holiday bills (29%) and watching calorie consumption (25%). A small number (4%) suffer from so much stress that they “hate the holidays.”

With budgeting and paying bills causing such anxiety, a surprising 46% plan to cash in their points from various loyalty programs to stretch their holiday dollars (20% “definitely” and 26% “probably”). Among those who will use their points during the holidays, 48% will use them to buy gifts, while 37% of those people will opt for gift cards.

However, since 81% of respondents report collecting loyalty points, many may be missing out on this possible money-saving solution.

Read: Help clients reduce holiday stress

The survey also looked at what gives Canadians the most joy over the holidays and found family topped the list, with 65% stating that family time was their greatest holiday pleasure. Other holiday pleasures include enjoying food and drink (54%), taking time off (45%) and entertaining/attending holiday parties (30%).

Canadians’ views vary significantly by region:

• Atlantic Canadians (57%) and Ontarians (54%) are more likely to consider using their loyalty reward points for holiday-related purchases compared to the rest of Canada (38%)
• Canadians in Ontario (46%), the Prairies (46%), and Alberta (47%) are more likely to enjoy holiday traditions than those in British Columbia (34%)
• Atlantic Canadians are more stressed about paying the bills after the holidays (42%) compared to Ontarians (29%), Albertans (23%) and those from British Columbia (29%)

Read: Holiday shoppers demanding big discounts

Staff

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