Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials HomeWealthMore than one third of Canadians plan to spend less this summer as inflation bites: TD surveyGen Z more likely than other groups to ramp up spending on travel, concerts and other experiencesLast updated 37 minutes ago You can save this article by registering for free here. Or sign-in if you have an account.Gas prices surged 28.6 per cent after a 5.9 per cent increase in March as a result of the war in Iran. Photo by JONATHAN JUHA/The London Free Press filesSome Canadians are taking a step back from summer splurges as pricing pressures heat up, according to a survey released this week by Toronto-Dominion (TD) Bank.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorAbout 35 per cent of Canadians intend on spending less this summer compared to last year.“People are watching their dollars a little bit more carefully,” said Leslie Logan, a senior financial planner at TD Bank, who noted Canadians tend to spend more over the summers, especially when it comes to taking trips and vacations. “We are a bit more pinched across all the generations.”Inflation rose to 2.8 per cent in April, according to the latest data from Statistics Canada, largely due to higher energy prices. Gas prices surged 28.6 per cent after a 5.9 per cent increase in March as a result of the war in Iran — putting a dent in Canadians’ travel plans, according to TD.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againAmong those cutting back this summer, 40 per cent said higher transportation costs were a major concern. About 62 per cent said they planned to redirect spending towards everyday needs, such as groceries, fuel and housing costs.Across generations, 36 per cent of generation Z, 38 per cent of millennials, 42 per cent of generation X and 26 per cent of baby boomers plan on spending less. That said, nearly a quarter of gen Z respondents plan on increasing their summer spending — the highest across all generations and above the overall average of 18 per cent who said the same.Logan said this isn’t surprising for a generation that is just starting to come into their own.“They’ve got their first jobs, they’re graduating, and they’re really getting into experiencing life, and I don’t blame them for that,” she said. “They are less likely to have kids, marriages, mortgages. They’re less likely to be thinking about their retirement.”With fewer financial responsibilities compared to older generations, Logan said gen Z can afford to be a bit more flexible with their spending now.About 28 per cent of gen Z said they plan to travel more this summer (compared to 18 per cent of all respondents), and 22 per cent are interested in attending concerts, festivals or sporting events (as opposed to 16 per cent of all respondents).Social pressures and social media have intensified a “Keeping up with the Joneses” mindset among younger Canadians too, Logan cautioned.Still, though the data suggests gen Z spending could be less sensitive to pricing pressures, this doesn’t necessarily mean younger Canadians are ignoring their financial future, said Logan.“Even as they lean into experience-driven spending, many are still redirecting savings toward meaningful goals.”Among the 36 per cent of gen Zers who plan to reduce their spending over the summer, 58 per cent are putting the spare funds toward long-term plans and 42 per cent are saving up for goals such as buying a house or a car.And about 30 per cent of these younger respondents are building emergency savings, paying down debt and investing.“Rather than opting out of spending entirely, gen Z is adapting by finding ways to enjoy experiences while still making progress toward their goals,” said Logan. “The key is balance and intentionality.” Join the Conversation This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. 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