Tangerine to reward savers, not spenders, on Cyber Monday

Source: Tangerine

At Tangerine, Saver Monday is the new Cyber Monday as a recent survey shows that most Canadians (80 per cent) aren't planning to take advantage of what is said to be one of the biggest online shopping days of the year.

Instead, Canadians indicated other top financial priorities leading up to the holidays including saving money (55 per cent), paying off credit card debt (31 per cent) and holding onto cash for Boxing Day sales (16 per cent).

To reward those who choose to save and not spend this Cyber Monday, Tangerine is offering a special Saver Monday offer next week. New clients who open their first Tangerine Savings Account or Chequing Account with a minimum deposit of $250 between December 1 and 5, 2014 will receive a $50 gift from Tangerine. Full details on Tangerine's Saver Monday offer will be posted on Tangerine.ca as of Dec. 1, 2014.

"It's encouraging to see that many Canadians are sticking to their financial priorities at a time of year when the temptation to spend seems to be everywhere - from deals at physical store locations to online shopping sites," says Silvio Stroescu, Managing Director of Savings and Investments at Tangerine. "Consistently saving money sometimes means simply resisting the urge to just spend. Those who proactively manage their finances during busy spending seasons like the holidays will be rewarded in the long run."

When it comes to online shopping, Canadians seem to be aware of the potential drawbacks, with 25 per cent admitting that many of the online purchases they've made were unplanned and based on impulse. In addition, over a third (38 per cent) admit to making online purchases they regret, and close to the same amount (33 per cent) said they haven't returned these items because it's a hassle.

When it comes to regrettable online purchases, Canadians admit to regretting clothing purchases the most (23 per cent), followed by entertainment items like books and DVDs (10 per cent) and consumer electronics (9 per cent). Almost 60 per cent of Canadians also agree that on the surface, online shopping seems cheaper until shipping and taxes are factored in.

Survey Methodology

From November 24 to November 25, 2014 an online survey was conducted among 1,508 randomly selected Canadian adults who are Angus Reid Forum panelists. The margin of error—which measures sampling variability—is +/- 2.5%, 19 times out of 20. The results have been statistically weighted according to education, age, gender and region (and in Quebec, language) Census data to ensure a sample representative of the entire adult population of Canada. Discrepancies in or between totals are due to rounding.
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This content is contributed or sourced from third parties but has been subject to Finextra editorial review.

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