Some reported areas of increased unconscious spending include using credit cards for payments (28% more frequently than before, compared to only 13% less frequently), charging monthly subscriptions directly to credit cards (21% more frequently vs. 14% less frequently) and adding extra items to receive a “perk” like free shipping (25% vs. 20%).
“With the rising cost of living, Canadians’ dollars simply aren’t going as far as they once did. Now more than ever, it’s critical for Canadians to be mindful of their spending habits,” said Tashia Batstone, president & CEO of FP Canada.
According to Batstone, working with a professional financial planner can help Canadians better understand their overall financial picture, from identifying spends they didn’t know about and setting budgets that work for them today so tomorrow can be a little easier, to providing a second opinion or simply letting them know there’s someone in their corner.
The report also showed that Canadians between the ages of 18 and 34 who have seen an increase in certain unconscious spending patterns are keeping an eye on the effect on credit card bills.
Compared to other age cohorts, they were more likely to say that they’re more often using credit cards for payments (34%) and monthly subscriptions (29%) than six months ago, as well as exceeding their planned purchases on sales (28%) and turning to “buy now, pay later” schemes more frequently.
