One-third of Canadians say they take a mental vacation from thinking about their finances during the summertime, according to a new survey.
BMO Bank of Montreal discloses this finding in a summary of results from “BMO Summer Spending Report,” which polled 1,513 Canadians 18 years of age and over. Conducted by Pollara between May 23 and May 27, 2013, the survey is part of a summer series to determine the spending habits of Canadians during the summer months and how they plan to make the most of their finances.
Canadians expect to spend an average of $3,978 on non-essential expenses, the report reveals. Impulse spending will account for an average of $123 per week, totaling $1,599 over the course of the summer.
"While the summer months provide an opportunity for Canadians to relax and recharge their batteries, loosening up on the monitoring of household budgets can cause a ripple effect that can set many back over the long term," says BMO Bank of Montreal Vice President Janet Peddigrew. "Ensuring that disciplined spending and savings habits do not fall by the wayside during the summer will help Canadians avoid overextending themselves, minimize stress and keep financial goals on track."
Other survey findings include:
- Those in Quebec are the most likely (45 per cent) to admit they take time off from their finances during the summer
- Those in the Prairies (25 per cent) and Atlantic Canada (27 per cent) are the least likely
- Men are more likely (38 per cent) than women (31 per cent) to say they take a mental vacation from thinking about money in the summertime
The survey also reveals that 17 per cent of Canadians review their financial plan less often during the summer and 13 per cent of investors say they spend less time monitoring their investments.