BMO survey finds most Canadians are cutting back on holiday spending [Video]

If you’re thinking about cutting back on your holiday spending, you’re not alone this year, according to a new survey.

The Bank of Montreal’s Real Financial Progress Index shows 79 per cent of Canadians are planning to spend less this holiday season. It also says more than half are feeling financial anxiety over holiday spending, and almost a quarter are feeling uncertain they will be able to pay off holiday bills on time.

“Faced with higher living costs and a rising unemployment rate, it’s no surprise that many Canadians are planning to scale back their holiday spending plans this year,” says Sal Guatieri, a senior economist at BMO.

In an interview with CTV News Ottawa, Financial Analyst Bruce Winder says the numbers don’t come as a shock.

“There’s still a lot of uncertainty,” Winder says. “I think you’re finding people being a little more cautious. Consumer debt is high. Consumers …