{"id":2453,"date":"2025-11-17T20:16:20","date_gmt":"2025-11-17T20:16:20","guid":{"rendered":"https:\/\/www.worldpumpnews.com\/?p=2453"},"modified":"2025-11-17T20:16:20","modified_gmt":"2025-11-17T20:16:20","slug":"gen-z-plans-to-fund-holiday-shopping-with-credit-cards-survey-shows-national","status":"publish","type":"post","link":"https:\/\/www.worldpumpnews.com\/?p=2453","title":{"rendered":"Gen Z plans to fund holiday shopping with credit cards, survey shows – National"},"content":{"rendered":"

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Most Gen Z and younger millennials are leaning on credit cards to do their holiday shopping this year, according to new survey from Chartered Professional Accountants Canada (CPA Canada).<\/p>\n

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This year, 40 per cent of Canadians aged 18-34 are planning on spending more on holiday shopping than they did last year and 58 per cent said they plan to dip into their credit cards for what they do plan to spend.<\/p>\n

More than half (56 per cent) also say they\u2019re feeling more stressed about holiday spending than they did last year.<\/p>\n

\u201cThis suggests that many younger Canadians are feeling the pressure to spend, even if that means stretching their budgets a little too far,\u201d says Li Zhang, CPA Canada\u2019s financial literacy leader.<\/p>\n

Baby Boomers, however, appear to be more cautious about holiday spending.<\/p>\n

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Around two-thirds (68 per cent) of Canadians aged 55 or older said they plan to maintain what they spent last year and 70 per cent said they\u2019ll rely on savings and regular income rather than credit to cover their holiday costs.<\/p>\n

The top expense most Canadians anticipate this holiday season is presents, with 66 per cent listing it as the top priority going into the holidays.<\/p>\n

The survey estimated that the average size of the holiday gift budget is $661 this year.<\/p>\n

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For younger Canadians, part of the stress of holiday shopping is because they don\u2019t have a lot of wiggle room to plan ahead, said Faye Lucas, head of consumer trust at Canadian FinTech firm KOHO.<\/p>\n

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\u201cOur research shows that Gen Z\u2019s average monthly income sits around $1,083, so there\u2019s not a lot of room for flexibility. Many Gen Z Canadians are working part-time, relying on gig or seasonal income, or experiencing uneven work hours,\u201d Lucas said.<\/p>\n

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\u201cThat makes it difficult to plan ahead or build any kind of cushion. When your income can shift month to month, even small seasonal expenses feel bigger,\u201d she added.<\/p>\n

All these financial pressures can make using credit cards seem tempting, said Stacy Yanchuk Oleksy, CEO of the non-profit debt relief organization Money Mentors.<\/p>\n

\u201cMany of us adopt the attitude that we\u2019ll have a great holiday season and get on track come the new year. Some of the pitfalls of using credit to handle the holidays can include the extra costs,\u201d she said, referring to the interest charges that come with unpaid credit card bills.<\/p>\n

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