The Financial Post reports in its Saturday edition that almost four out of five Canadians are planning to cut back on holiday spending this year, according to a recent Bank of Montreal survey. The Post's Audrey Pridham writes that BMO said Canadians are planning to spend an average of more than $1,991 this holiday season, which includes expenses for travel, gifts, entertaining, decorations and more. To combat increasing prices, 41 per cent said they will be spending less on fewer gifts, while 44 per cent will cut spending on other occasions, such as birthdays and anniversaries, throughout the year to save money. "Faced with higher living costs and a rising unemployment rate, it's no surprise that many Canadians are planning to scale back their holiday spending plans this year," Sal Guatieri, BMO senior economist, said in a release. BMO's study also said that thinking about holiday spending gives 54 per cent of Canadians financial anxiety. These fears include unknown expenses, housing costs and keeping up with their monthly bills. People are still feeling the effects of higher prices even as inflation is coming down. BMO also said 55 per cent plan to use their credit cards and 5 per cent plan to use buy-now-pay-later.