Nearly four in ten Canadian shoppers (38%) say they are feeling the pressure to spend during the holiday season even though their finances are tight.
Interac reports that the phenomenon is especially evident among newcomers to Canada. Seven in ten (69%) newcomers say they feel more pressure to spend around the holidays now they live in Canada. Some 71% say their financial stress during the holidays has grown since moving to this country.
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Over two-thirds of Canadians (68%) say they are stressed about at least one aspect of spending during the holiday season. Among those who are stressed, the top sources include buying gifts (77%), spending money hosting and entertaining family and friends (41%) and giving money to family members (34%). Among newcomers who are experiencing at least some holiday spending stress (82%), spending money travelling to visit family and friends (48%) is a prominent stressor.
Meantime, in the UK, PayUK highlight that almost half of UK adults (47%) report feeling pressured to spend above their means during the holiday period.
In the context of the cost-of-living crisis, shoppers are also more tempted by online sales and adverts which include websites tricking people into fraudulent transactions or compromising their personal data. PayUK stresses the need to be aware of these threats during the Christmas period to prevent people from falling victim to scams.
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