Now that summer holidays are upon us, we are starting to get a bit of a picture on how people in this country are juggling their desire for a vacation with the fiscal realities of the day.
And, it seems, we’re choosing a break over penny pinching.
A new survey by BMO Bank of Montreal shows that three-quarters of us plan a summer holiday and we’ve budgeted an average of $3,400 all-in. For those who are cost conscious, about 60-percent of those surveyed, say they will holiday in Canada this summer to save money.
The BMO survey is quite extensive and one interesting finding that surfaced is how people are supplementing their already stretched budgets with points. More than half reported planning to use loyalty program points to buy groceries while a quarter will utilize points to offset travel costs.
People are also planning to spend about the same amount or slightly more than last year on significant events such as family weddings or on summer camps for the kids. And roughly the same percentages as last year came up for people planning home renovations.
