1 in 4 Canadian shoppers overshot their Black Friday budget: report | The Canadian News

One in four Canadian shoppers exceeded their budgets on Black Friday and Cyber ​​Monday, according to a new survey.

The online survey, conducted by the Angus Reid Forum on behalf of FP Canada, the national professional body that certifies Canadian financial planners, found that the average Canadian spent about $ 385 in total between the two retail events this year.

While 60 percent of shoppers surveyed said they stayed on budget, 23 percent said they overspent significantly (by more than $ 250 on average).

Those who went over budget said they spent, on average, more than three times more than they had planned.

Shoppers in Saskatchewan and Manitoba were more likely to be frugal, spending an average of $ 266 during Black Friday and Cyber ​​Monday, nearly a third less than the national average.

Alberta shoppers were the most likely to overspend, with a third saying they spent more than planned and nearly 15 percent saying they spent more than $ 500.

For those struggling to stick to their budgets, the impact of the first major holiday spending event could lead to less cash on hand this holiday season and more credit card debt as they move into 2022, said Tashia Batstone, president. and Executive Director of FP Canada in a press release.

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He added that the survey shows that, on average, Canadians expect to carry $ 814 more in credit card debt in the new year than they did before the holiday spending season.

“With more brick and mortar stores open due to lowered pandemic restrictions, it’s easy to understand the temptation to spend,” Batstone said.

“But it’s important for Canadians to be diligent in getting back on track financially if they’ve already overdone themselves a bit this holiday season.”

The online survey of 1,511 Canadians was completed between November 30 and December 1 among members of the Angus Reid Forum online.