According to the TD Bank Group‘s recent survey,  nearly half of Canadians (49%) foresee inflation and cost-of-living as their biggest financial challenges in 2025, down 9% from 2024. While nearly a quarter of Canadians (24%) stated they are feeling more confident about their finances in 2025. The study delved into Canadians’ financial priorities for 2025 and found that over half (56%) indicated their day-to-day expenses are a main priority for them, followed by saving and investing for the future (47%), and paying down debt (30%). Over half (51%) of respondents indicated they intend to cut back on spending, and Gen Z and Millennials (49%) are more likely to say they have cut back as much as they can, compared to Boomers (35%).

Canadians’ financial ambitions for 2025 include:

• 18 percent plan to build up their savings as much as they are able to;
• 15 percent plan to pay off their credit card or pay down debt;
• 13 percent plan to cut back on spending.

For further information about the research or to access additional findings,  click here.

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