Half of British Columbians plan to cut spending in 2024, TD poll finds

The last few years have been difficult financially – and a new poll from a major bank highlights how challenging the situation is for many of us.

According to TD Bank Group, 39 per cent of British Columbians report feeling less positive about their finances, and more than half point to the cost of living as the biggest challenge they’ll face this year.

The bank is sharing these findings as part of its 2024 Financial Outlook Report.

Whether it’s groceries, the cost of a meal out or buying a new car, life has gotten a whole lot more expensive in recent years.

And that’s not even getting into the cost of rent or a mortgage, with borrowing costs surging as interest rates have climbed higher.

“Compared to last year, we found that nearly four in 10 British Columbians reported feeling less positive about their finances,” said Mick Ramos with TD Bank Group. “And nearly six in 10 foresee inflation and the rising cost of living as their biggest financial challenge in 2024.”

As a result, people are planning to find ways to save money.

“That has led to British Columbians changing their budget and spending habits,” Ramos said. “So, we also found that nearly half – 46 per cent – of British Columbians are planning on cutting back their monthly budget.”

Specifically, 67 per cent of those who took the survey plan to eat out less, 43 per cent plan to postpone or cancel travel – and 53 per cent plan to shop around more.

Entertainment spending also looks like it will be a casualty, with 39 per cent planning to reduce spending in that area.

As for who could be the biggest loser if people actually follow through and cut spending? The finding that 71 percent of those polled plan to make fewer retail purchases will likley be setting off a few alarm bells in that sector.