A winter vacation will have to wait until next year for many Canadians who say they just can’t afford it in 2019.
A survey by travel insurance provider Allianz Global Assistance Canada finds that 51% of respondents will not take a winter vacation this year with 66% citing lack of budget (75% for millennials).
A survey earlier this year revealed that millions of Canadian households are just $200 from insolvency.
"It looks like this coming winter season will at best include a frigid 'snow-cation' at home instead of a warm, sandy beach for more than half of Canadians," said Dan Keon, Vice President, Market Management, Allianz Global Assistance Canada.
However, for those that are heading for warmer surroundings, the budget will be bigger this year with an anticipated spend of $2706, the highest in four years.
"Obviously Canadians are concerned about their pocket books," added Keon. "While 72 per cent of Canadians said that an annual vacation is important to them, it's interesting that only 49 per cent actually expect to take one. And they expect it will cost them more to do so."
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate