CIBC finds that two-thirds of Canadians choose saving overspending this summer
Two-thirds of Canadians are heading into summer with their wallets on a tighter leash, choosing to save rather than spend as everyday costs climb.
A new CIBC poll found 65 percent of Canadians are prioritizing savings over spending this season, and nearly eight in 10, or 79 percent, have changed their spending habits because of rising everyday expenses.
Travel is where the caution shows most clearly.
While 39 percent plan to travel this summer, most of those trips, at 69 percent, will stay close to home or within Canada.
Another 32 percent told CIBC that rising costs make them less likely to travel at all.
What stands out in this year's findings, said Carissa Lucreziano, vice-president of financial planning and advice at CIBC, is "the combination of caution and resilience."
Canadians "are adapting, prioritizing what matters most to them," she said, "and looking for ways to enjoy the season without losing sight of their longer-term financial goals."
Despite the restraint, confidence holds.
The poll found 69 percent feel financially prepared for summer and 62 percent said economic worries will not stop them from enjoying it.
Spending priorities are shifting too, with 66 percent favouring experiences over physical items.
