The holiday season is a time for connection and giving, but it can also be costly. According to PwC Canada's 2019 Holiday Outlook report1, Canadians spent an average of $1593 on holiday shopping last year. As this year's present buying season begins, here are some helpful tips that could help you avoid overspending and taking on consumer debt that could follow you into the new year.
According to the Canadian Anti-Fraud Centre, 45,000 Canadians lost more than $96 million to online and telephone scams in 20191. These stats are rising dramatically in our post-COVID reality. In April 2020 alone, there were 6566 reports and 2317 victims defrauded of over $8.3 million. The isolation and anxiety brought about by the global pandemic have inspired con artists to up their game against unsuspecting victims.
Money has long been the number one stressor for many Canadians, and there's no doubt that COVID has magnified this reality. It has upended jobs, security, health and financial stability for people across the country. Millions of Canadians are struggling to cover their bills. In March of 2020, 49% of Canadians were just $200 from financial insolvency1.
