TORONTO, Nov. 17, 2025 (GLOBE NEWSWIRE) — Generation Z and younger millennials are spending more than older generations this holiday season, and they're relying on credit cards to do it, according to new survey results from CPA Canada.
As the holiday season approaches, the study shows that 40 per cent of young Canadians (ages 18 to 34) plan to spend more than last year, and 58 per cent expect to rely on credit to finance their purchases. More than half (56%) also say they are more stressed about holiday costs than they were last year.
“This suggests that many young Canadians feel pressure to spend money, even if it means stretching their budgets too far,” says Li Zhang, head of financial literacy at CPA Canada. “But betting on debt in the short term can quickly turn that joy into stress in the new year without a repayment plan.”
Older Canadians, on the other hand, are taking a different approach. Among people aged 55 and over, about two-thirds (68%) plan to maintain last year's spending levels, and nearly three-quarters (70%) say they will rely on savings and regular income rather than debt to cover holiday costs.
Across all age groups, gift-giving remains a top priority, with 68 per cent of Canadians placing it at the top of their holiday spending lists. Nationally, gift budgets rose modestly to an average of $661, up 10 percent from last year, with the biggest increase among Gen Z and young millennials, who prioritize gifts and entertainment over donations and travel.
Overall, more Canadians (66%) plan to use savings and regular income to finance expenses than credit (49%), which represents a slight increase from last year when Canadians used credit cards and savings at similar levels. This shift comes as 70 percent of people age 55 and older are using savings and regular income to fund their holiday purchases.
“This is an encouraging result and suggests a cautious move towards more conscious budgeting,” Zhang says. “Reducing our reliance on credit could make a real difference to Canadians' post-holiday debt burden in the new year.”
To obtain full survey results or to schedule an interview, please contact [email protected].
Survey methodology
Léger conducted the CPA Canada Holiday Spending OMNIbus online survey from October 17 to 19, 2025 among 1,594 randomly selected Canadians aged 18 years or older.
