By Tyler Marr

Survey finds nearly half of Sask. residents anticipate anxiety over holiday spending bills

Dec 20, 2018 | 4:00 PM

A recent poll highlights various bad financial habits amplified over the holidays as the holiday shopping season hits its peak.

And as residents cope with pressures to attain those last minute gifts and groceries, debt experts are warning residents to avoid taking on more debt or payday loans to cover the costs.

Conducted by MNP on behalf of Ipsos, the poll found 14 per cent of Saskatchewan and Manitoba residents are lured in by sales on days like Black Friday or Boxing Day, sometimes leading to impulse purchases. 

It found come January, a credit hangover could be in store for many. Last year, 47 per cent felt anxiety over the arrival of shopping tabs and 41 per cent ended up regretting how much they spent. However, 44 per cent of respondents said they made it their New Year’s resolution to get their finances back on track.

One in 10 said they bought something on credit that requires no payments for some time. Twenty-six per cent admitted to only paying the minimum balance on their credit card while just over one in ten pay the minimum on a line of credit.

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Gord Neudorf, a licenced insolvency trustee at MNP, said what might seem like a small or great deal, doesn’t always turn out to be a bargain in the long run if you end up carrying those purchases on credit. 

“So be wary of the barrage of holiday sales and those ‘buy now, pay later’ offers,” Neudorf said.

Sixteen per cent of respondents said they have made a major purchase on credit without paying it off right away. Around 15 per cent have borrowed money they can’t afford to pay back in a timely manner, while 8 per cent admit they have even used their home-equity line of credit to buy things they don’t want but need.

“When you see the sticker price on an item, don’t forget to add the potential interest accrued, so you can get a better picture of what it will really cost you,” Neudorf added.

The survey was compiled between Dec. 7 and 12, with a sample of 2,154 Canadians from the Ipsos I-Say panel who were interviewed online. The results are accurate to within +/- 2.4 percentage points, 19 times out of 20.

tyler.marr@jpbg.ca

On Twitter: @JouroMarr