More than half of Prairie residents to cut back on spending this year: survey
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Hey there, time traveller!
This article was published 15/01/2025 (270 days ago), so information in it may no longer be current.
Consumers across the Prairies are starting the new year by making changes to their budgets and buying habits, according to a new survey from TD Bank Group.
More than half (54 per cent) of Prairie residents plan to cut back their spending this year. Of those who aren’t reducing their spending, 50 per cent say they have already cut back as much as they can.
TD is releasing the nationwide results of the survey today.
When asked how they will be decreasing their spending, 66 per cent of Prairie residents said they will eat out or order food less often, 60 percent will shop around more to save on purchases and 39 per cent are switching from name brand to store brand products.
Other strategies include spending less on entertainment (44 per cent), postponing or cancelling travel plans (33 per cent) and cancelling some or all subscription services (28 per cent).
The survey found one in three Prairie residents are feeling less positive about their finances in 2025 compared to last year, with more than half (54 per cent) foreseeing inflation and the cost of living being their biggest financial challenge.
For 61 per cent of respondents, managing day-to-day expenses ranked as the top financial priority this year. Saving/investing for the future (43 per cent) and paying down debt (35 per cent) rounded out the top three.
The survey shows while 61 per cent of Canadians have a financial new year’s resolution, that same percentage of people say they don’t have a financial plan in place, according to Emily Ross, vice-president, Everyday Advice Journey at TD.
“A fantastic way to be able to achieve that resolution is to have a financial plan,” she said. “It’s a great first step potentially for Canadians looking to achieve their goals.”
The most dangerous thing people can do, according to Ross, is to look the other way and hope their situation improves without fully understanding the circumstances they are in.
Budgeting, automating savings, looking for sales and understanding monthly cash flow are all steps Canadians can take if they want to better manage their finances in 2025, Ross said.
Making a plan and working with a professional — or using digital tools like spreadsheets and apps — is also helpful.
“Any of these approaches and resources… are great ways to get started and for customers to start feeling they are in control of their financial health,” Ross said.
The online poll of 1,143 adults aged 25 and older was conducted in early November by Maru Public Opinion on behalf of TD.
aaron.epp@freepress.mb.ca

Aaron Epp reports on business for the Free Press. After freelancing for the paper for a decade, he joined the staff full-time in 2024. He was previously the associate editor at Canadian Mennonite. Read more about Aaron.
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