As 2025 approaches, Canadians are prioritizing paying down debt, according to CIBC's annual Financial Priorities poll. The survey, which highlights financial trends and concerns, shows that rising costs for household goods and high interest rates remain the most pressing issues for many Canadians.
The poll indicates that keeping up with bill payments ranks as the second-largest financial priority. Nearly two-thirds of Canadians express concern over the possibility of an economic recession, while more than half of respondents feel prepared to manage an unexpected financial setback.
In terms of debt, 28 per cent of respondents report taking on more debt in the past year. The primary reasons cited include the rising cost of living, daily expenses surpassing income, and financial emergencies.
The findings are based on an online Ipsos poll conducted on behalf of CIBC between November 27 and December 2, 2024. The survey, which gathered responses from 1,500 Canadians, sheds light on the financial outlook for the year ahead.