Canadians’ financial priorities
According to TD, 56% of Canadians surveyed indicated that their main priority for 2025 was their day-to-day expenses, down 3% from last year, followed by saving and investing for the future (47%) and paying down debt (30%).
Millennial Canadians were most likely to place a precedence on paying down their debt as a priority (38%), compared to only 21% of Boomers.
The survey had additional insights regarding Canadians’ spending:
- Just over half (51%) are willing to cut back on spending, down 4% from last year
- Among those not planning to, 42% say it's because they have already cut back as much as they can
- Gen Z and Millennials (49% each) are more likely to say they have cut back as much as they can, compared to Boomers (35%)
While some Canadians will avoid limiting their spending out of pure necessity, 12% reveal they won't be cutting back simply because they don't want to.
For those who are willing to make a sacrifice, 63% plan to do so by making fewer retail purchases of items like clothing and electronics.
Another 56% plan to eat out or order food less often, 52% say they will shop around to save more on purchases, while 41% say they will cut back on entertainment like concerts and sporting events.
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Get A QuoteMany Canadians lack a financial plan
TD also found that 61% don't have a financial plan in place for 2025.
What’s more, 63% of Canadians surveyed don't currently work with a qualified financial professional and 70% don't use budgeting tools to help with their finances.
Interestingly, 61% noted they had a financial New Year's resolution in mind:
- 18% said it was to build up their savings as much as they are able to
- 15% said it was to pay off their credit card or pay down debt
- 13% said it was to cut back on spending
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