Top 2024 financial priority: Paying down debt
By Adam FreillFinancing Labour Risk Management
CIBC poll says interest rates and recessionary fears top the list of economic worries for Canadians as we head into 2024.
At a time when higher inflation is putting a strain on household budgets, this year’s priority for Canadians is paying down debt, according to CIBC’s annual Financial Priorities poll. The goal of debt repayment was tied with the goal of saving as much as possible, reports the financial institution. Keeping up with bills is also high on the list for 2024.
Inflation and rising interest rates top the combined ranked list of financial concerns for Canadians this year. The poll also found that while the majority (67 per cent) of Canadians agree we are either heading into a recession or already in one, most (64 per cent) feel financially prepared for the unexpected and 60 per cent believe their financial situation is secure enough to withstand a recession.
Overall sentiment towards finances has also remained constant since last year with 64 per cent of Canadians indicating they feel positive about their current financial situation and only a quarter of people saying they have taken on more debt in the last 12 months.
“With household budgets under some pressure from higher costs, it’s not surprising that paying down debt is a top priority for Canadians in the new year,” said Carissa Lucreziano, vice-president, CIBC Financial Planning and Advice.
According to the poll, 70 per cent of Canadians believe the uncertainty of the current environment makes it difficult to plan, and among those currently employed, 42 per cent are concerned about their job security given the present economic environment.
The Maru Public Opinion survey of more than 1,500 Canadians was undertaken in November.