As we approach 2025, a new survey from CIBC reveals that Canadians are placing debt reduction at the forefront of their financial goals. According to the bank’s annual Financial Priorities poll, managing debt and keeping up with rising household costs remain the most pressing concerns for Canadians.
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Rising Costs and High Interest Rates: Key Financial Worries for Canadians
CIBC’s survey highlights that a significant number of Canadians are struggling with the ongoing rise in the cost of household goods and high interest rates. These factors have become primary financial concerns, driving the need for increased financial planning and focus on debt management. Respondents have indicated that managing these rising costs is crucial as they head into the new year.
Keeping Up with Bill Payments: A Close Second Priority
Following debt reduction, keeping up with bill payments emerged as the second biggest financial priority for Canadians. With daily expenses growing, many individuals are finding it challenging to maintain financial stability, making timely bill payments even more important.
Canadians’ Concerns About Recession and Financial Hardship
The poll also found that almost two-thirds of Canadians are worried about the possibility of a recession. Despite this, more than half of the respondents feel confident in their ability to weather unexpected financial hardship. This indicates a level of preparedness, with many Canadians taking proactive measures to secure their finances against economic uncertainty.
Canadians Taking on More Debt in the Last Year
The survey further revealed that 28% of respondents have taken on more debt in the past 12 months. The primary reasons for this increase include the high cost of living, daily expenses outpacing income, and unexpected financial emergencies. These factors have driven Canadians to rely more on credit, highlighting the need for effective debt management strategies moving into 2025.
Survey Methodology: Ipsos Poll for CIBC
The CIBC Financial Priorities poll was conducted by Ipsos from November 27 to December 2, 2024, using a sample of 1,500 Canadians from an existing Ipsos panel. The data gathered provides valuable insights into Canadians’ financial outlook as they prepare for the coming year.
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This survey underscores the importance of financial planning in the face of rising costs and economic uncertainty. As Canadians head into 2025, focusing on reducing debt and ensuring the ability to manage everyday expenses will be key to navigating the financial challenges ahead.
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