Report: Over Half (52%) of Senior Canadian Homeowners ‘Overwhelmed’ or ‘Concerned’ With Post-Holiday Debt

TORONTO — The Holiday Spending Impact Survey, conducted by Bloom Finance in partnership with Angus Reid, reveals the effect holiday-related spending is having on new year finances, specifically among senior Canadian homeowners aged 55 and above. The survey found that 66% of respondents reported that rising living costs have made it harder to manage their holiday-related expenses this year, with 25% saying it has made it significantly more difficult.

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Despite last year’s back-to-back interest rate cuts, the high cost of living continues to force Canadian seniors to find the delicate balance between quality of life and maintaining financial health and stability. Another recent report from Bloom Finance and Angus Reid found that 1-in-3 Canadian grandparents support their children and grandchildren financially, even if it’s compromising their retirement plans.

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The survey released today highlights additional trends among Canadian homeowners aged 55 and above, including:

IMPACT ON FINANCES:

• Nearly half (45%) of respondents say their holiday-related spending will have an impact on their January finances.
• One-quarter (25%) of respondents say the rising cost of living has made it much harder to manage holiday-related expenses this year.
  • An additional 41% say it has made it slightly harder.
• To manage holiday-related bills, over one-quarter (28%) of respondents say they will cut back on discretionary spending such as eating out and entertainment, followed by using personal savings to pay their bills (20%).
• Over half (52%) of respondents say they typically feel overwhelmed or concerned when receiving holiday-related bills in January.
  • 37% say they feel concerned, but it is manageable, while another 15% say they feel overwhelmed and stressed.

SPENDING TRENDS:

• Over half (51%) of respondents say personal savings was their primary method of funding holiday expenses this year, followed by credit cards (39%).
  • 32% of respondents say they spent between $1001-$2500 on holiday shopping this past season.

“Entering 2025, Canadian seniors are facing tough financial choices as the cost of living continues to rise. Many have already had to adjust their lifestyles and spending habits, and our survey highlights just how difficult it’s become to maintain financial balance,” says Ben McCabe, founder and CEO of Bloom Finance. “At Bloom, we are focused on providing homeowners with flexible options to bridge that gap, making the difference from simply getting by to regaining financial control and independence throughout retirement.”

As Canadian seniors continue to grapple with rising living costs into their golden years, the findings of this survey reflect the broader financial challenges that this group is facing, emphasizing the need for flexible financial tools. Bloom Finance is bringing innovative and accessible solutions to Canadian homeowners to help them access wealth accumulated in their homes so they can live comfortably through retirement.

For more on Bloom Finance, visit bloomfin.ca.

About Bloom Finance Ltd.

Bloom is a leading Canadian fintech company dedicated to assisting homeowners aged 55 and above in accessing the wealth accumulated in their homes to enjoy more comfortable retirements. Through the integration of cutting-edge technology and innovative product delivery, the company is reshaping home equity access to be adaptable, enduring, and user-friendly. Bloom’s overarching mission is to alleviate financial stress among retired homeowners, enabling them to relish the golden years of their lives. Licensed in ON:13338, BC:MBX600455 and AB. Discover more at www.bloomfin.ca.

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Methodology

These findings are from a survey conducted by Bloom Finance from January 6^th to January 9^th 2025, among a sample of 515 online Canadian homeowners who are members of the Angus Reid Forum. The survey was conducted in English and French. For comparison purposes only, a probability sample of this size would carry a margin of error of +/-4.3 percentage points, 19 times out of 20.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250122516719/en/

Contacts

Rachel Dillane
Account Manager, Category Communications
[email protected]
289-440-3528

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