TD Survey Shows Canadians Pulling Back Hard on Spending in 2026

TD Bank says most Canadians are heading into 2026 planning to spend less, according to a new survey.

The poll found that 67% of Canadians plan to cut back their spending this year, up from 51% in 2025. Nearly six in ten people said they expect to trim their monthly budgets by as much as $1,000.

Younger Canadians are feeling it the most. The survey shows 86% of Gen Z and 77% of Millennials are planning to cut spending, compared to 65% of Gen X and 43% of Boomers.

When it comes to where people are tightening their wallets, eating out less, buying fewer retail items, and cutting back on entertainment like concerts, sports, and movies topped the list. Many Canadians also said they’re shopping around more, switching to store brands, or cancelling subscriptions altogether.

Others are trying different ways to make their money stretch further. About 30% said they’re using coupons or trying “no spend” challenges, while 27% said they’re buying second-hand items. 25% said they’ve picked up a side hustle or part-time job to help cover rising costs.

Even with all the cutbacks, many Canadians say they still want to support local. The survey found 63% say their interest in buying Canadian is stronger than last year, with Canadian-made products and local small businesses ranking higher than big national brands.

Of course, the whole survey was created to plug TD’s tools to help Canadians plan and budget, such as its TD MySpend app (which is actually not bad) and its other options such as the TD Goal Builder and TD Advice Hub.

The survey was conducted by Harris Poll, ran from October 23rd to October 27th, 2025, and included more than 1,516 Canadian adults. Are you planning to cut bank spending this year?