Canadians choose savings over splurging this holiday season, Simplii poll shows

Financial pressures are forcing Canadians to rethink how they can enjoy festivities while staying on track

TORONTO, Dec. 3, 2025 /CNW/ - Canadians are entering their practical era this holiday season, embracing useful gifts, spending caps, and simple celebrations without sacrificing family time or generosity. A new poll commissioned by Simplii Financial reveals that 41 per cent of Canadians anticipate shifts in their holiday plans and activities, and 32 per cent have altered their traditions over the past few years to alleviate stress and reduce expenses.

More than one in five Canadians (22 per cent) say they won't spend anything on the holidays. Those who do plan to spend anticipate an average expenditure of $1,708, which is $341 less than their anticipated spend last year, highlighting a preference for more conscious spending in uncertain times. In line with a shift towards increased financial discipline, over a third of Canadians (37 per cent) say they follow a budget as part of their holiday planning. 

"Many Canadians are proceeding with their holiday plans, but they're making changes to accommodate the uncertain economic environment," said Atanaska Novakova, EVP and Head, Simplii Financial. "Our no-fee approach mean customers can focus on what truly matters during the holidays--spending quality time with loved ones, without extra banking costs or complications."

Holiday Hangouts Top the List

Despite changes in traditions, 73 per cent of Canadians plan to reunite with immediate family, and over half (55 per cent) will attend events hosted by others, reflecting a preference for in-person festivities.

"It's not that Canadians want to scale back on holiday celebrations; they simply want to enjoy them without the added financial stress," said Novakova. "With rising costs and changing traditions, finding ways to celebrate that are both meaningful and budget-friendly has never been more important."

A Season of Saving: Canadians Adjust Holiday Gifting

The poll also uncovered insights into how Canadians are rethinking gift giving this holiday season:

• 78 per cent wish they could save more during the holidays 
  
  
• 52 per cent can't afford the holiday spending, but feel pressured to participate
  
  
• 48 per cent plan to give gift cards this year, making them the most popular gift choice
  
  
• 40 per cent of those whose traditions have changed in recent years are setting spending caps to save money

These responses reveal that while many are eager to celebrate, concerns about spending are top of mind for Canadians. Even as budgets tighten, more than half of Canadians (61 per cent) plan to give back by donating to food banks, toy drives, charitable causes, or volunteering, suggesting that the spirit of giving back remains strong. 

Preparing for Holiday Spending in Advance

As a more practical holiday season approaches, it's important to plan and budget your spending. Here are Simplii's tips for maintaining holiday cheer while protecting your bank account from the post-holiday blues:

• Stay aligned with family and friends: Whether it's setting a budget cap or agreeing on no gifts, adopt a consistent approach to holiday spending with your loved ones.
• Find alternatives to traditional gifts: Keep the holiday spirit strong with thoughtful, cost effective celebrations like homemade gifts, shared experiences, or making charitable donations.
• Make a list, check it twice: Create a list of your planned holiday expenses and use available financial tools including, budgeting apps, and bank account insights to monitor and manage your spending.
• Spend strategically: Cut down on costs through research and sales, and don't miss taking advantage of your credit card's cash-back offers.

About the Study
These findings are from an Ipsos poll conducted between October 1 and October 9, 2025, on behalf of Simplii Financial and CIBC. For this survey, a sample of 1,500 Canadians aged 18 years and over was interviewed. Weighting was then employed to balance demographics to ensure that the sample's composition reflects that of the adult population according to Census data and to provide results intended to approximate the sample universe. The precision of Ipsos online polls is measured using a credibility interval. In this case, the poll is accurate to within ±3.1 percentage points, 19 times out of 20, had all Canadian adults been polled. The credibility interval will be wider among subsets of the population. All sample surveys and polls may be subject to other sources of error, including, but not limited to coverage error, and measurement error.

About Simplii
Simplii Financial provides direct banking services to more than 2 million Canadians with 24/7 access to online, mobile, and telephone banking with no monthly fees. Simplii clients can also access one of the largest national ATM networks through CIBC. For more information about Simplii Financial, please visit www.simplii.com or by following on X @SimpliiFin, Instagram @SimpliiFin, or on Facebook.

SOURCE Simplii Financial

For further information: Benjamin Wylie, 647-212-2836, [email protected]