With daily expenses rising, Canadians are sometimes forced to take on more debt in 2023 and paying it off has become the financial priority for next year, according to a CIBC survey.
• Read also: Increased debt and decreased savings: a new 'trend'?
Thus, 13% of Canadians surveyed indicated making this their priority for 2024. Nearly 13% also have a goal to save as much as possible and 12% to pay their bills.
An increase in the cost of living tops the top reasons respondents took on more debt (46%), followed by daily expenses higher than monthly income (38%), unexpected financial emergencies (17%), and higher costs of living. Borrowing costs (14%) and loss of income (14%).
“Given the pressures on household budgets due to rising costs, it is not surprising that debt repayment will be a top priority for Canadians in the new year,” acknowledged Carissa Lucreziano, vice-president, financial planning and advisory at CIBC Bank.
Among Canadians' other financial concerns for the coming year, we also find inflation (61%) and rising interest rates (28%).
However, 64% of respondents feel financially prepared to face the unexpected in 2024, and 60% consider their financial situation to be sufficiently solid in the event of a recession.
The poll was conducted by Maru Public Opinion among 1,511 Canadian adults from November 7 to 8, 2023.
“Music guru. Incurable web practitioner. Thinker. Lifelong zombie junkie. Tv buff. Typical organizer. Evil beer scholar.”
More Stories
After the discovery of norovirus, these berries should not be eaten.
Mechanics Strike | WestJet Cancels Nearly 700 Flights, Affects Nearly 100,000 Passengers
Three 'basic' Airbnb listings: Owner shares how he easily skirted the rules