RBC has released their annual Post-Holiday Spending & Saving Insights Poll, showing many Canadians were impacted by inflation this past Christmas season.

Over one-third (38%) of holiday season shoppers went over budget by an average of $580, substantially higher than last year's average of $414. More than half (57%) found it hard to cover the costs of holiday gifts, mostly due to the impact of inflation. And over one-third (36%) think it will take them until April or longer to get their finances back on track.

It was an especially expensive holiday season for Canadians with children, who overspent the most and expect to take the longest for their finances to recover. The majority responded they felt the impact of inflation on their holiday spending (80%) and found it tough to cover holiday expenses and gifts (70%). Over half (56%) spent more than they intended to, going over budget by $614 on average.

When asked how long they thought it would take for them to get their finances back on track, half (49%) of these families estimated between April and June or longer.