CIBC’s annual Financial Priorities poll finds that paying down or eliminating debt remains the top financial priority among Canadians (17 per cent), followed by keeping up with bill payments (16 per cent).
The poll also found that inflation/rising costs of household goods (66 per cent) and high interest rates (28 per cent) remain the top financial concerns for Canadians. While 65 per cent of Canadians are worried about the possibility of a recession, over half feel prepared to weather an unexpected financial event or hardship (59 per cent) and most feel their financial situation is secure enough to withstand a recession (53 per cent).
“Financial priorities are shaped both by ambitions and by the economic environment – and we’re seeing Canadians adapt to the current environment by learning new strategies, such as creating a budget or reducing spending, to help them stay on track,” said Carissa Lucreziano, Vice-President, CIBC Financial Planning and Advice. “Prioritizing savings when costs are on the rise is challenging, but gaining insight from an advisor can empower Canadians with tailored, personalized advice and solutions to help them reach their financial goals.”
Despite challenges, Canadians are feeling a sense of optimism for the upcoming year, with 76 per cent expressing confidence in achieving their 2025 goals. 64 per cent of Canadians maintain a positive outlook on their current financial situation, with only 28 per cent having taken on more debt in the past 12 months.
Additional findings from the annual Financial Priorities poll:
- Top reasons for taking on more debt include increased cost of living (44 per cent), day-to-day expenses beyond monthly income (29 per cent), unexpected financial emergencies (21 per cent), new vehicle (16 per cent), and loss of income (14 per cent).
- Among those currently employed, 54 per cent are concerned about their job security given the present economic environment.
- 24 per cent say advice to help manage the cost of living would help them feel more prepared for unexpected financial hardships.
Tools and support
In addition to expert, personalized advice, CIBC also offers clients the following online tools to help manage their everyday expenses and overall finances:
- Budget Calculator, offers a clear picture of your monthly cash flow to help make informed financial decisions.
- CIBC Smart Planner, an intuitive goal planning tool that makes it easy for you to set, track and reach your financial goals.
- CIBC Insights, offers tips and proactive alerts about everyday spending to make it easier for you to manage your money and stay on track to achieving your financial goals.
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