A new report by TD Bank says two-thirds of Canadians surveyed say they plan to cut back on spending this year.
The report says the result is up from 51% last year.
TD says younger Canadians in particular are looking to reduce their spending with 86% of Generation Z and 77% of Millennials planning to make cuts.
The result compared with 65% of generation Xers and 43% of boomers who say they are planning on reducing their spending.
The survey says top budget sacrifices included eating out less often at 55% and making fewer retail purchases at 53%.
Forty-four per cent say they plan on spending less on entertainment, such as concerts, sporting events and movies.
The online survey was conducted by Harris Poll from Oct. 23 to Oct. 27, 2025, while two supplementary questions on Canadian buying habits and attitudes toward shopping local were included in a Leger Opinion panel done between Dec. 18, 2025, and Jan. 5, 2026.
The polling industry’s professional body, the Canadian Research Insights Council, says online surveys cannot be assigned a margin of error because they do not randomly sample the population.
