Debt and rising costs are our top financial concerns
By Jennifer Hughes
For the 10th consecutive year, a CIBC survey indicates that getting out of debt is Canadians’ top financial priority. Ranked second were concerns about simply getting by, which is hardly surprising given that 71% of respondents said that their top financial concern (as opposed to priority) is inflation and rising costs. Just over half of respondents (55%) said they’re worried about a recession this year.
The number of people who said that they were optimistic about their financial situation dropped to 32%, down from 41% just last year.
According to the poll, getting out of the red was a priority for one in five Canadians (21%); 18% worry about making ends meet, and 13% said growing their investments was a priority. Only 8% cited saving for retirement.
Since debt is such a priority, many Canadians are seeking to find ways to help manage it. While 78% said it’s better to pay down debt than to put money into savings, 60% confessed that they could probably dealing with their finances more effectively.
“Debt repayment doesn’t need to be worrisome; it needs to be managed. But it shouldn’t come at the expense of savings,” CIBC’s managing director of financial planning and advice, Jamie Golombek, said in a statement.