Canadians Pause Major Milestones Amid Uncertainty, Still Believe Goals Are Reachable

Nearly two-thirds of Canadians (64%) are postponing a major purchase or life milestone amid high costs and economic and geopolitical uncertainty, a new EQ Bank survey reveals. Despite caution driving the pause, 70% of Canadians still believe that with the right savings habits, their big goals can remain within reach.

The survey indicated that high living costs and general economic uncertainty are primary drivers for these postponements. Canadians expressed concerns over inflation, rising interest rates, and global instability impacting their ability to achieve long-term objectives like homeownership or retirement savings.

Despite the economic prudence, Canadians remain optimistic about the power of long-term saving. A majority (71%) feel that through disciplined saving and financial planning, they can still achieve their significant life aspirations. This sentiment highlights a belief in personal financial responsibility and future opportunities.

EQ Bank suggests the findings underscore the need for effective savings solutions and financial guidance to help Canadians navigate the current economic climate. The bank aims to provide tools and resources supporting customers' long-term financial objectives during these challenging times.