As cost-of-living challenges persist, 67 per cent of B.C. residents are looking to cut back on spending in 2026 — 13 per cent higher than what it was last year — according to a survey from TD.
Fifty-five per cent of British Columbians plan to reduce eating out or ordering food, 54 per cent shop less in retail, and 50 per cent plan to cut back on entertainment.
“We’re really seeing a pretty notable consideration by British Columbians, in thinking about their spending,” said Julia Kelly, VP of Business Banking, in an interview with Daily Hive.
Seventy per cent of survey respondents said that the cost of living and inflation were their biggest financial challenges. While inflation has been cooling in many parts of the economy, grocery prices are still edging upwards.
Dalhousie Agri-food Analytics Lab’s Canada’s Food Price Report (CFPR) 2026 forecasted that overall food prices will climb by four to six per cent in the next year, with an average family of four expected to spend an additional $994.63 more on groceries than they did in 2025.
“You really have to be proactive in thinking about where your dollars are going to go, when your dollars aren’t going as far,” said Kelly. “We’re seeing B.C. residents really start to think about, ‘Where am I going to prioritize my needs versus my wants?’”
She said these discretionary categories — like dining out, retail, or entertainment — are the areas “where there’s opportunity to really revisit where you are putting your dollars.”
Other ways that B.C. residents said they would cut back are by shopping around more to save on purchases (38 per cent), switching from name brands to generic or store brands (38 per cent), and cancelling some or all subscription services (33 per cent).
Further saving strategies include “no spend” challenges, finding a side hustle, and thrifting.
Kelly added that people in B.C. are trying to take advantage of loyalty programs, trying out budgeting apps and planners.
A Statistics Canada report published last summer backs up the financial insecurity people are feeling, which showed that B.C. has one of Canada’s highest costs of living. A recent report from MNP Ltd., an insolvency firm, showed that 45 per cent of British Columbians say they’re $200 or less away from insolvency, and only 49 per cent have six months of emergency savings.
“There is a strong expectation across B.C. that household finances will face added strain in the year ahead, heightening concern about economic security,” said Linda Paul of MNP Ltd. in a release.
But the B.C. trend is reflected on a national level, with the TD survey finding similar results Canada-wide.
“With sustained periods of increased cost, Canadians are trimming their monthly budgets and looking at different ways in which they may be able to do so,” said Kelly.
On a positive note, she added that Canadians are prioritizing their discretionary dollars for Canadian-owned small businesses.
And while housing costs remain high, many Metro Vancouver cities have seen their rents drop over the last year.
Are you planning on cutting back on spending this year? Let us know in the comments.
With files from Daniel Chai