Canadians Delay Major Purchases but Maintain Hope for Future Dreams, Reveals New EQ Bank Survey
In a recent survey conducted by EQ Bank, it was revealed that around 64% of Canadians are currently refraining from making significant purchases or pursuing major life milestones due to economic challenges and high living costs. However, despite this caution, an optimistic 71% of Canadians still feel that with the right savings strategies, their major goals are still achievable.
The survey, which took place in July 2026, highlights a trend where many Canadians have adopted a wait-and-see approach to their big plans. Major expenditures such as travel, home renovations, and even buying a vehicle are being delayed by a significant portion of the population. Specifically, 49% of respondents are postponing travel, 34% renovations, and 31% vehicle purchases. Additionally, life-altering decisions, including purchasing a first home (20%), retiring (13%), marrying (11%), and having children (10%), are being sidelined as well. This cautious behavior is particularly prominent among younger Canadians, aged 18 to 34, where 38% are deferring plans to purchase their first home.
What lies behind this hesitation is a combination of economic factors affecting daily life. Many people are waiting for clearer indicators of change before proceeding with their plans. Approximately 57% of those delaying purchases are looking for reductions in the cost of living, 29% are hinging their decisions on the availability of affordable housing, and 28% are hoping for lower fuel prices. Furthermore, trade tensions and geopolitical stability are also key concerns, as 21% and 20% of respondents respectively expressed a desire for these issues to resolve before making major decisions.
Despite the delays, the survey illustrates that Canadians remain hopeful. A significant number believe that their dreams are within reach, with nearly two-thirds stating that larger financial aspirations often influence their everyday spending habits. In fact, 36% of the participants acknowledged that rewards and incentives help ease the burden of rising costs on daily expenses, while a notable 23% mentioned that these rewards make purchases or experiences more attainable.
Canadians are also seeking simplicity in how they earn these rewards, as many find the current system cumbersome. About 28% of those surveyed feel that maximizing rewards across different platforms is too complicated, and many would prefer their banks to simplify this process. There’s a clear call for financial institutions to deliver more value through everyday spending to support Canadians in achieving their dreams.
Daniel Rethazy, Executive Vice President of Personal Banking at EQ Bank, remarked, "While some major plans are on pause, Canadians haven’t stopped dreaming—they're just seeking more practical ways to keep progressing toward their goals. This resourcefulness is informing how we build our services at EQ Bank."
The EQ Bank survey, conducted among 1,807 Canadian adults, captured the sentiment that while financial conditions are currently challenging, the ambition to achieve significant life goals is still very much alive. As financial institutions adapt to these concerns, the goal remains on transforming everyday spending into meaningful progress toward fulfilling aspirations, proving that dreams, though delayed, are not diminished.
The survey, which took place in July 2026, highlights a trend where many Canadians have adopted a wait-and-see approach to their big plans. Major expenditures such as travel, home renovations, and even buying a vehicle are being delayed by a significant portion of the population. Specifically, 49% of respondents are postponing travel, 34% renovations, and 31% vehicle purchases. Additionally, life-altering decisions, including purchasing a first home (20%), retiring (13%), marrying (11%), and having children (10%), are being sidelined as well. This cautious behavior is particularly prominent among younger Canadians, aged 18 to 34, where 38% are deferring plans to purchase their first home.
What lies behind this hesitation is a combination of economic factors affecting daily life. Many people are waiting for clearer indicators of change before proceeding with their plans. Approximately 57% of those delaying purchases are looking for reductions in the cost of living, 29% are hinging their decisions on the availability of affordable housing, and 28% are hoping for lower fuel prices. Furthermore, trade tensions and geopolitical stability are also key concerns, as 21% and 20% of respondents respectively expressed a desire for these issues to resolve before making major decisions.
Despite the delays, the survey illustrates that Canadians remain hopeful. A significant number believe that their dreams are within reach, with nearly two-thirds stating that larger financial aspirations often influence their everyday spending habits. In fact, 36% of the participants acknowledged that rewards and incentives help ease the burden of rising costs on daily expenses, while a notable 23% mentioned that these rewards make purchases or experiences more attainable.
Canadians are also seeking simplicity in how they earn these rewards, as many find the current system cumbersome. About 28% of those surveyed feel that maximizing rewards across different platforms is too complicated, and many would prefer their banks to simplify this process. There’s a clear call for financial institutions to deliver more value through everyday spending to support Canadians in achieving their dreams.
Daniel Rethazy, Executive Vice President of Personal Banking at EQ Bank, remarked, "While some major plans are on pause, Canadians haven’t stopped dreaming—they're just seeking more practical ways to keep progressing toward their goals. This resourcefulness is informing how we build our services at EQ Bank."
The EQ Bank survey, conducted among 1,807 Canadian adults, captured the sentiment that while financial conditions are currently challenging, the ambition to achieve significant life goals is still very much alive. As financial institutions adapt to these concerns, the goal remains on transforming everyday spending into meaningful progress toward fulfilling aspirations, proving that dreams, though delayed, are not diminished.
Topics Financial Services & Investing）
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