File Photo (Adam Riley / Acadia Broadcasting)
A new poll from the Canadian Imperial Bank of Commerce shows paying down debt and saving as much as possible are the top priorities for Canadians next year.
Both priorities tied for the top place at 13 percent in CIBC’s annual Financial Priorities poll.
Keeping up with bills was also high on the list with 12 percent.
This comes at a time when inflation is putting the squeeze on household budgets.
That inflation, along with rising interest rates top the combined ranked list of financial concerns at 61 and 28 percent, respectively.
Overall sentiment towards finances found 64 percent of Canadians feeling positive about their current financial situation, with a quarter of respondents (26 percent) saying they have taken on more debt in 2023.
Some of the top reasons for taking on more debt included:
- increased cost of living
- day-to-day expenses beyond monthly income
- unexpected financial emergencies
- higher borrowing costs
- loss of income
A majority of those polled agree the country is either heading into a recession or is already in one, with 64 percent saying they feel prepared financially for the unexpected.
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