Gen Z outspending older Canadians, relying on credit this holiday season: survey
TORONTO, Nov. 17, 2025 (GLOBE NEWSWIRE) — Gen Z and younger millennials are outspending older generations this holiday season—and they’re leaning on credit cards to do so, according to new survey findings from CPA Canada.
As the holiday spending season fast approaches, the survey suggests that 40 per cent of younger Canadians (ages 18-34) plan to spend more than last year—and 58 per cent expect to rely on credit to fund their purchases. More than half (56%) also say they’re feeling more stressed about holiday spending than they did last year.
“This suggests that many younger Canadians are feeling the pressure to spend, even if that means stretching their budgets a little too far,” says Li Zhang, CPA Canada’s financial literacy leader. “But relying on credit in the short term can quickly turn that joy into stress in the new year without a repayment plan.”
Older Canadians, by contrast, are taking a different approach. Among those aged 55 and up, about two-thirds (68%) plan to maintain last year’s spending levels, and nearly three-quarters (70%) say they’ll rely on savings and regular income rather than credit to cover their holiday costs.
Across all age groups, gift giving remains the top priority, with 68 per cent of Canadians placing it at the top of their holiday spending lists. Nationally, gift budgets have risen modestly to an average of $661, up 10 per cent from last year, with the biggest increases among Gen Z and younger millennials who are prioritizing gift-giving and entertaining over donations and travel.
Overall, more Canadians (66%) plan to use savings and regular income to fund spending than credit (49%)—representing a slight uptick from last year when Canadians used credit cards and savings at similar levels. This shift is driven by 70 per cent of those aged 55 and older using savings and regular income to fund their holiday purchases.
“This is an encouraging result that suggests a cautious shift toward more mindful budgeting,” says Zhang. “Reducing reliance on credit could make a real difference in how much post-holiday debt Canadians carry into the new year.”
For the complete survey results or to schedule an interview, please contact [email protected].
Survey methodology
Leger conducted the 2025 CPA Canada Holiday Spending OMNIbus online survey from Oct. 17 to 19, 2025, among 1,594 randomly selected Canadians aged 18 and older.
Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. UKNewshour.com takes no editorial responsibility for the same.
