TD report says two-thirds of Canadians surveyed plan to cut spending this year

TORONTO — 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 per cent last year.

TD says younger Canadians in particular are looking to reduce their spending with 86 per cent of generation Z and 77 per cent of millennials planning to make cuts.

The result compared with 65 per cent of generation Xers and 43 per cent of boomers who say they are planning on reducing their spending.

The survey says top budget sacrifices included eating out less often at 55 per cent and making fewer retail purchases at 53 per cent.

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.

This report by The Canadian Press was first published Jan. 13, 2026.

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The Canadian Press