A recent Financial Priorities poll conducted by CIBC highlights that paying down or eliminating debt remains the top financial priority for Canadians (17 per cent), closely followed by keeping up with bill payments (16 per cent).
The survey found that inflation and rising household costs (66 per cent) remain the most pressing financial concerns, alongside high interest rates (28 per cent). Despite these challenges, 65 per cent of Canadians expressed concern about a potential recession, while 59 per cent said they feel prepared to handle an unexpected financial hardship. Additionally, 53 per cent believe their finances are stable enough to weather an economic downturn.
Carissa Lucreziano, Vice-President, CIBC Financial Planning and Advice, noted that Canadians are adjusting to the economic environment by adopting strategies such as budgeting and reducing expenses. “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,” said Lucreziano.
Optimism for the coming year remains strong, with 76 per cent expressing confidence in achieving their 2025 financial goals. Furthermore, 64 per cent of respondents maintain a positive outlook on their current financial situation, and only 28 per cent reported taking on additional debt in the past year.
The poll identified key reasons for incurring debt, including the rising cost of living (44 per cent), day-to-day expenses exceeding monthly income (29 per cent), unexpected emergencies (21 per cent), purchasing a new vehicle (16 per cent), and loss of income (14 per cent). Among employed respondents, 54 per cent expressed concerns about job security in the current economic environment.
Additionally, 24 per cent of Canadians indicated that receiving financial advice to manage the cost of living would make them feel more prepared for unexpected hardships.
CIBC offers several tools to help clients manage their finances, including the Budget Calculator for cash flow management, the CIBC Smart Planner for goal tracking, and CIBC Insights for tips and alerts about spending habits.
The poll was conducted by Ipsos between November 27 and December 2, 2024, with a sample of 1,500 Canadians aged 18 and older. Data was weighted to reflect Census demographics, and results are considered accurate within ±3.1 percentage points, 19 times out of 20. The credibility interval is wider among population subsets.
