BDO poll: Canadian parents plan to spend $600 to keep their children happy this March Break

79% will spend money on activities for their children – 20% will borrow funds to pay for these activities – 61% haven't set a budget for March Break spending

TORONTO, March 7, 2017 /CNW/ - The majority of Canadian parents (79%) believe spending money on March Break activities for their children is a reality, and they're ready to drop an average of $597, and in some cases up to $1,000 to keep their children happy, according to a new Ipsos poll conducted on behalf of BDO Canada Limited. Almost half (49%) say they are willing to spend whatever it takes to keep their children entertained—and for one in five Canadians, that could mean taking on debt.

The poll shows that most Canadians (72%) plan to use cash or debit to pay for March Break, but some will be taking on debt, either by using credit cards (18%) or a line of credit (3%).

"Canadians should look to create a realistic budget that will help them avoid March Break debt," says Doug Jones, President of BDO Canada Limited. "March Break can also be an opportunity to teach your children financial literacy skills, by setting a good example with your spending habits."

Key Poll Findings (**For full tabular results, please visit the Ipsos website at www.ipsos-na.com).

Parents in British Columbia plan to spend the most on March Break ($913), followed by parents in Alberta ($756), Ontario ($594) and the Atlantic provinces ($552). Parents in Quebec ($423), Saskatchewan and Manitoba ($384) plan to spend much less than the national average.

While parents making over $100,000 plan to spend the most, those making less than $40,000 do not plan on spending significantly less than those in higher income brackets.

Household Income

Planned March Break Spending

> $100,000

$890

$60,000 - $100,000

$487

$40,000 - $60,000

$489

< $40,000

$429

A majority of parents say their March break spending decisions are family decisions (61%), and nearly half (46%) take what the kids want into account. Only a minority (32%) say their decisions are influenced by how much money they've saved.

About BDO Canada Limited's Financial Recovery Services practice:

BDO Canada Limited's Financial Recovery Services practice is one of Canada's oldest (operating since 1958) and largest debt help firms, with offices across the country. BDO's advisors include Licensed Insolvency Trustees (Officers of the Court and licensed by the OSB) and Proposal Administrators providing credit counseling, consumer proposals and personal bankruptcy services.

These are some of the findings of an Ipsos poll conducted between February 21 and February 24, 2017, on behalf of BDO. For this survey, a sample of 1,002 Canadian parents of children aged 17 and under from Ipsos' online panel was interviewed online. The sample is accurate to within +/ - 3.5 percentage points, 19 times out of 20, had all Canadian parents been polled.

SOURCE BDO Canada Limited

For further information: Media inquiries please contact: Eric McLean at Environics Communications, 416-969-2756, emclean@environicspr.com


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