Most Canadians didn't go overboard with holiday spending this year and are starting 2012 on a good financial note, according to the Bank of Montreal.
"The latest numbers are a very positive sign that Canadian households are both setting realistic spending limits, and also staying on budget, which is especially important during a busy spending period like the holidays," vice-president Su McVey said in a press release.
A BMO survey found 76% of Canadians spent less or the same on holiday gifts, trips and entertaining in 2011 compared to 2010. What's more, 57% said they don't expect to shirk their financial responsibilities in 2012 because of the holidays.
"This also indicates that most Canadians are starting 2012 on the right foot, without holiday debt loads getting in the way of their big picture financial responsibilities or aspirations," McVey said.
BMO surveyed 1,504 Canadians between Dec. 28, 2011, and Jan. 3, 2012. The margin of error is 2.5 percentage points, 19 times out of 20.