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Canadians set budget to curb summer spending: BMO survey

TORONTO, Ont. – Canadians are expected to loosen the purse strings when it comes to spending over the next couple of months according to BMO’s Summer Spending survey released Thursday.

Canadians are expected to spend $4,000 during their summer vacations.

“That’s a lot and it’s basically on entertainment, dining out and impulse purchases,”
BMO Mortgage expert Laura Parsons told 680News.

“Twenty-six percent are really looking at spending more dollars than last year,” Parsons said.

According to Parsons that doesn’t mean Canadians won’t be looking for way to maximize the value of their dollar over the summer months.

“We’re actually thinking about cutting back on our vacations about sixty-percent and that means socializing at home,” said Parsons.

“Eighty-five percent of Canadians are thinking about doing more of that this summer as well as watching a movie rather than going out, that’s another eighty-five-percent, just being a little more frugal with their spending,” Parsons said.

Approximately sixty-percent of those surveyed plan to create a budget to help them manage summertime spending.

“Seventy-four-percent are thinking about looking for free event, which I found very unique and spending less on gadgets and electronics.”

The BMO Summer spending survey also found seventy-percent of Canadians plan to cash in their reward points this summer as the typical amount of Canadians estimate they have the equivalant of $400 in points accumulated.