Nearly two-thirds of Canadians are postponing major purchases or life milestones as they weigh high costs and economic uncertainty, but a majority still believe long-term goals remain achievable with stronger savings habits, according to a new EQ Bank survey.
The survey, conducted by Angus Reid in July for EQ Bank, found 64 per cent of Canadians are putting a major purchase or milestone on hold. The findings indicate that many consumers are delaying decisions rather than abandoning plans, with cost of living pressures, housing affordability, job security and broader uncertainty influencing financial choices.
Consumers delaying major purchases and life decisions
EQ Bank said the results point to changing consumer priorities as Canadians look for ways to manage everyday expenses while continuing to work toward larger financial goals.
"While some major plans are on pause, Canadians haven't stopped dreaming – they're just looking for more smart, practical ways to keep moving toward their goals," said Daniel Rethazy, Executive Vice President, Personal Banking, EQ Bank. "That resourcefulness is helping shape what we're building at EQ Bank. Canadians are telling us they want value that is simpler, more connected and easier to earn through the purchases they make every day. By making every moment count for more, we can help Canadians earn meaningful value from routine spending and turn everyday choices into progress."
Among Canadians delaying purchases or milestones, major travel was the most commonly postponed expense at 49 per cent, followed by home renovations at 34 per cent and buying a car at 31 per cent.
The delays also extend to major life decisions. The survey found 20 per cent of respondents are postponing buying a first home, while 13 per cent are delaying retirement, 11 per cent are delaying marriage and 10 per cent are delaying having children.
Younger Canadians reported higher levels of delay for some milestones. Among those aged 18 to 34, 38 per cent said they were holding off on buying their first home, 25 per cent were postponing moving out of their parents’ home and getting married, and 21 per cent were delaying having children.
Canadians waiting for improved economic conditions
For Canadians who are postponing major purchases or milestones, the survey found many are waiting for economic conditions to improve.
More than half, or 57 per cent, said they are waiting for the cost of living to become more affordable. Other factors included housing prices easing, cited by 29 per cent, lower fuel costs at 28 per cent, reduced trade tensions with the United States at 21 per cent and a calmer geopolitical environment at 20 per cent.
A more favourable job market was a factor for 18 per cent of respondents, rising to 30 per cent among Canadians aged 18 to 34.
Savings habits remain tied to long-term goals
Despite delays, 71 per cent of Canadians surveyed said they believe their major goals remain within reach with the right savings habits.
Among the one-third of Canadians who are moving ahead with a major purchase or milestone, half said having enough savings to manage risk helped them take the next step.
The survey also found that financial goals are affecting everyday spending decisions. Nearly two-thirds of respondents said a larger financial goal often or always influences their routine spending, while 51 per cent of Gen Z respondents said having a major goal motivates them to work harder.
Rewards and cashback seen as ways to stretch spending
Rewards programs and cashback options were also identified as tools Canadians use to manage expenses.
Thirty-six per cent of respondents said rewards help offset rising everyday costs, while 23 per cent said rewards help make purchases or experiences possible that they might otherwise avoid.
However, some Canadians said they find it difficult to maximize rewards. Twenty-eight per cent said managing rewards across different providers feels like a hassle, 25 per cent said they do not earn meaningful value across enough everyday spending, and 24 per cent said they want their bank to make it easier to earn value from more purchases.