Will you have trouble affording the holidays this year? – Castanet.net

Poll: Can’t afford Christmas?

A new national survey has revealed one-in-four Canadians will not be able to afford the Christmas/holiday season this year.

With the impacts of the COVID-19 pandemic, 24 per cent of Canadians from across the country are foregoing holiday celebrations. Additionally, 21 per cent say they are not confident that they will have a steady income during the next six months and 44 per cent say they are not confident that they will be able to build savings over the next year.

Looking at both scenarios, women are less confident than men, with 22 per cent saying they are uncertain if they will have a steady income and nearly half (48 per cent) saying they are not confident they will build savings. 

Looking at paying household bills and rent or mortgages in the next six months, one-in-10 say they are not confident they can. Meanwhile, 14 per cent of Canadians are not confident that they will be able to keep up with their debt payments such as credit cards, lines of credits, auto loans and more. 

“While the holiday season is undoubtedly going to look different this year, it’s not all doom and gloom, and in fact these numbers aren’t that shocking given the trying times we’re in,” says Keith Emery, co-CEO of Credit Canada.

“Nevertheless, we hope that as the economy continues to recover, Canadians’ confidence in their finances will also rebound.”

The national poll was conducted by Credit Canada and the non-profit Angus Reid Institute.

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