A new financial anxiety survey from the Bank of Montreal finds many Canadians are planning to cut back on spending next year as money pressures mount.

Nearly a third (30 per cent) of Canadians surveyed said the plan to cut back on spending next year as the cost of living balloons. New Year's resolutions based on saving are common this year amid economic uncertainty.

If Christmas-related spending has you stressed, you're not alone. Three months was the average expected time to pay off holiday bills, respondents told BMO. And a quarter of those surveyed weren't confident they could pay down holiday spending in time.

More than half (58 per cent) of those asked said their holiday purchases are going on their credit card this year.

The most common sources of financial anxiety right now for respondents are unexpected expenses, overall financial situation, family-related expenses, and keeping up with monthly bills.

"While many Canadians are looking forward to celebrating with family and loved ones, it is important not to get financially carried away during the holidays," said BMO's Gayle Ramsay.

She encouraged Canadians to combat their financial anxiety by writing down their financial goals, making a budget, and working with a financial planner to learn helpful money strategies.

BMO Economics found Canadians' real consumer spending was normal in the spring and summer of this year but predicts it will remain flat this winter as people deal with rising debt payments and anxiety about the future.

Interest rates may come down in the new year, which could help Canadians. Also, wage growth for some workers helps to offset inflation.

BMO's findings were part of its Real Financial Progress Index, which surveyed approximately 2,500 Canadians in September and early October.