How Much Do You Spend On Dining Out?

A new survey from Capital One Canada shows nearly 80 per cent of young Canadians aged 18 to 34 spend the most on food during a social outing. Capital One’s customers also eat out the most in the month of July (the highest spend of the year), dining out three times a month on average, for a total of $98. We spoke with Capital One Canada VP Becca Mintz to find out more. —Noa Nichol

The survey reveals that young Canadians aged 18 to 34 spend significantly on social outings, with many experiencing financial stress as a result. How is Capital One Canada addressing the financial needs and challenges of this demographic, especially in managing spending on dining and entertainment?

Talking about it in magazines like VITA is a great start! Balancing a social life while working toward your financial goals is challenging but achievable. At Capital One, we know that reducing financial anxiety and having a healthy relationship with money is a really important factor. Our Life & Credit blog supports Canadians of all ages to build positive financial habits as they strive toward financial goals.

July sees the highest spending on dining out for Capital One customers, averaging three times per month. What insights can you share about consumer behavior during peak spending months, and how can individuals better manage their finances during these periods?

Our survey results reveal many Canadians are torn between saving money or indulging in social activities. It can feel like you have to choose one or the other, and that really isn’t the case. On average, Capital One customers spend $118 on social outings including concerts, shows or sporting events (not including movie theatres). For some people, having those meaningful occasional experiences are a really important part of their social connections. We also know that balance is key; if July involves eating at a couple of restaurants and perhaps a sporting event, then August may be the time to focus on low cost or free activities. That can involve taking advantage of deals for discounted admissions to local attractions or engaging in free activities like taking in a local park with a friend.

A large percentage of young Canadians feel more connected in their relationships after social outings, yet many also experience financial stress from overspending. How does Capital One Canada recommend balancing social experiences with responsible financial planning?

Planning ahead can go a long way. As an example, if you’re heading to a local fair, deciding in advance if you’ll be buying food and drinks there versus eating at home could make the difference between an enjoyable, free outing and one that you feel guilty about later on. Beyond building a budget and planning ahead, there are a number of low-cost options for social outings that Canadians can explore to reap the benefits of getting together with friends.

With 80% of young Canadians seeking ways to save money on their financial outings, what advice or tools does Capital One Canada offer to help customers achieve their savings goals while still enjoying social activities?

Included in our recent Life & Credit blog, ‘10 tips for going out guilt-free‘, there are some great ideas around toning down your spending by choosing lower cost activities. During the summer months, we can go for walks, hikes, explore the area we live in, or even partake in community events, festivals or celebrations to have fantastic experiences while limiting spending.

Our Credit Keeper tool also gives you visibility into your own credit file, which allows Canadians to see the financial picture that their financial institutions see. This can help to promote healthy financial habits to help you build a positive relationship with credit.

Budgeting during the summer months seems to be a challenge for many Canadians, particularly in the 18 to 34 age group. How can individuals leverage Capital One Canada’s resources to create effective budgeting strategies that accommodate seasonal spending trends?

Boundaries are important. Our Life & Credit blog gives Canadians a resource to help them plan ahead financially on their mobile device while on the go and presents considerations when budgeting to ease financial stress around social outings, while keeping financial goals in mind. We recommend planning well in advance to avoid overspending. Prioritizing experience can also help you get more bang for your buck in the long run.

The summer is a busy time for Canadians and we do not always have the time to sit down and work out our budget. The Capital One mobile app can help Canadians stay on top of their budget with real time spending notifications and transaction tracking to keep a pulse on their finances when out in the sun.