The Great White Frugal North

Over the years, many of Canada’s major banks have developed a strong foothold in the US as they extend their reach beyond the domestic market. And, one of the benefits of working both sides of the 49^th parallel is being able to assess how consumers on either side are looking at things….things such as Christmas shopping which can be a proxy for bigger picture questions such as consumer confidence.

BMO Bank of Montreal has just released a survey designed to test the viewpoints of those on either side of the border.

What they found is that there is some added thriftiness entering the marketplace with roughly one-third of both Americans and Canadians planning to spend less this year. But, for the other 70-percent who aren’t so focused on holding the line, men are more likely to open the wallet a bit more….20% more in the US compared to 11% more in this country.

But, while they might spend more at Christmas, Americans are also more likely to prepare a financial plan and goals for 2022 than their Canadian counterparts.