EQ Bank Survey: 64% of Canadians Pause Major Milestones Amid U.S. Trade Tensions and Economic Uncertainty

Quick Summary

A new EQ Bank survey reveals that 64% of Canadians are delaying major life milestones due to economic uncertainty and U.S. trade tensions. Despite these pauses, 71% remain optimistic that smart savings habits and value-driven banking will eventually help them achieve their long-term financial goals.

How is Economic Uncertainty Impacting Canadian Consumers?

Economic uncertainty is forcing a majority of Canadians into a "financial waiting room." The EQ Bank survey indicates that 64% of the population has paused significant expenditures. The primary drivers for this caution include the rising cost of living (57%), housing affordability (29%), and U.S. trade tensions (21%).

• 49% have delayed major travel plans.
• 38% of young Canadians (18-34) are holding off on buying a first home.
• 25% of Gen Z are delaying moving out of their parents' homes.

These figures highlight a significant shift in consumer behavior, where geopolitical factors and trade risks flagged by the Bank of Canada are now directly influencing household-level decision-making.

What Role Does Value-Driven Banking Play in Recovery?

To combat financial pressure, Canadians are increasingly seeking meaningful value from their everyday spending. The survey found that 36% of respondents use rewards to offset rising costs, while 24% want their financial institutions to make earning value simpler and more integrated into routine purchases.

• 71% of Canadians believe big dreams are achievable with the right habits.
• 64% say larger financial goals influence their daily routine spending.
• 51% of Gen Z are motivated to work harder by their long-term dreams.

EQ Bank is responding to this trend by embedding financial solutions into daily life, such as their partnership with the PC Optimum™ program, which serves over 18 million members.

How Are Canadians Reshaping Social and Spending Habits?

Faced with a strained economy, consumers are adopting new social rules to maintain their savings habits. This includes a pivot toward cooking at home (54%) and buying second-hand goods (30%). Millennials are particularly active in managing digital costs, with 43% rotating or cutting subscriptions to save money.

"While some major plans are on pause, Canadians haven't stopped dreaming – they're just looking for more smart, practical ways to keep moving toward their goals," said Daniel Rethazy, Executive Vice President, Personal Banking, EQ Bank. The focus has shifted from abandonment of goals to strategic resourcefulness and the accumulation of "small wins" to fuel future progress.

FF NEWS TAKE:

This data proves that economic uncertainty isn't just a macro headline; it's actively reshaping the Canadian banking landscape. For fintechs and challenger banks like EQ Bank, the opportunity lies in moving beyond traditional savings accounts toward embedded value ecosystems. By linking rewards directly to the cost-of-living struggle, banks can move the needle from being mere utilities to becoming essential partners in consumer resilience.