Parents will bust budgets this summer, says BMO

Parents across Canada will spend $2,300 more than they had previously anticipated to keep their kids occupied this summer, says a new BMO study.

This report is the third in a series of studies by the bank, which aims to reveal the spending habits of Canadians.

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• More spending power for Canada’s youth: BMO

• Canadians will splurge this summer

It’s been predicted families will expend a weekly average of $54 on entertainment, such as movies, sporting events, and local festivals. They’ll also spend $58 on eating out, and $65 on impulse buys.

The study finds nearly half (46%) of parents will splurge more on entertainment this summer than in past years. Overall, Canadians expect to use up $3,978 on non-essential expenses.

Other key study highlights:

• Those in Ontario ($200) and Quebec ($193) have the largest weekly expenses for their kids this summer
• Parents in Atlantic Canada ($113) and the Prairies ($138) will be the thriftiest during the summer months
• Women are more likely (52%) than men (41%) to spend more on entertainment for their children

Households without kids

When comparing the financial habits between Canadians with and without children, the survey revealed:

• Parents are more likely than non-parents to look for ways to save (83% versus 78%)
• Parents are twice as likely to utilize rewards points more often than non-parents (28% versus 16%), particularly to offset coming entertainment costs

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