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Half of Canadians foresee inflation and the cost of living as biggest financial challenge in 2025, new TD survey
Half of Canadians foresee inflation and the cost of living as biggest financial challenge in 2025...
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[{"type":"text","content":"\n\n\n\n Half of Canadians foresee inflation and the cost of living as biggest financial challenge in 2025, new TD survey\n \n\n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n\n Inflation and the cost of living was again seen as the biggest financial challenge for Canadians, but this was down 9 per cent from last year's survey\n \n\n\n\n\n TORONTO\n \n\n ,\n \n\n Jan. 15, 2025\n \n\n /CNW/ - After another challenging financial year, a new survey from TD Bank Group has found 49 per cent of Canadians surveyed still foresee inflation/cost of living as their biggest financial challenge this year, although this is down 9 per cent from last year.\n \n\n Canadians appear to be feeling somewhat more financially optimistic as they head into the new year, with 24 per cent also stating they are feeling more confident about their finances in 2025, up 4 per cent from last year.\n \n\n \"As 2024 came to a close with a fifth consecutive interest rate cut from the Bank of Canada, Canadians have responded with increased optimism,\" said\n \n Emily Ross\n \n , VP, Everyday Advice Journey at TD. \"Although the cost of living is still clearly a concern for many Canadians and again tops their list of financial challenges for 2025, the survey results indicate that things are moving in the right direction, and Canadians are starting to feel more positive about achieving their financial goals.\"\n \n\n\n Spending and saving decisions\n \n\n\n The TD survey uncovered Canadians' financial priorities in 2025, with 56 per cent of those surveyed indicating a main priority was their day-to-day expenses, down 3% from last year, saving and investing for the future (47 per cent) and paying down debt (30 per cent). Interestingly, Millennial Canadians were most likely to indicate paying down debt as a priority (38 per cent), compared to only 21 per cent of Boomers.\n \n\n When it came to Canadians' plans for spending, the survey uncovered additional insights:\n \n\n\n Over half (51 per cent) indicated their intention to cut back on spending, over...