The year 2026 is just beginning, but many residents of Quebec are bracing themselves for another period of financial challenges due to rising inflation and economic instability affecting household finances.
A recent survey by TD Bank reveals that over half of Quebecers, accounting for 56 percent, are planning to cut back on their spending this year, a significant increase from the 44 percent reported in 2025. Concerns over inflation and the increasing cost of living are the primary worries for 68 percent of respondents, marking a considerable rise from the previous year.
Anxiety is mounting on various fronts, with 35 percent expressing worries about meeting day-to-day expenses, nearly tripling the percentage from the previous year. Additionally, concerns about the inability to save or invest have risen to 18 percent, while 17 percent are stressed about high interest rates.
Despite these financial pressures, Quebec residents are less inclined compared to the rest of Canada to take actions to enhance their income or financial stability. Only 14 percent engage in side gigs or utilize savings tools, and merely 28 percent have a financial plan in place for 2026, the lowest rate in the country.
The primary focus for most Quebecers is on cutting expenses. Popular strategies include reducing dining out, limiting retail purchases, decreasing entertainment spending, and opting for store-brand items.
Nevertheless, there is a strong inclination to support the local economy. Nearly two-thirds of Quebec residents express a preference for buying local products in the upcoming year, emphasizing Canadian-made goods, local businesses, and brands that employ Canadians.
The survey indicates that Quebecers are entering 2026 with a cautious mindset, aiming to navigate financial constraints while sustaining local businesses amidst ongoing economic uncertainties.
