2023-12-28 14:45:59
With higher daily expenses, Canadians sometimes had to take on more debt in 2023 and paying it off became the financial priority for the next year, according to a CIBC survey.
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Thus, 13% of Canadians surveyed indicated making it their priority for 2024. Nearly 13% of them also have the objective of saving as much as possible and 12% of paying their bills.
The increase in the cost of living is at the top of the main reasons which pushed respondents to take on more debt (46%), followed by daily expenses higher than monthly income (38%), unforeseen financial emergencies (17 %), higher borrowing costs (14%) and loss of income (14%).
“Given the pressures on household budgets due to rising costs, it is not surprising that paying down debt is a top priority for Canadians in the new year,” acknowledged Carissa Lucreziano, Vice President, Financial Planning and Advice, CIBC.
Among the other financial concerns of Canadians for the coming year, we also find inflation (61%) and rising interest rates (28%).
However, 64% of respondents feel financially prepared to face the unexpected in 2024 and 60% of them consider that their financial situation is sufficiently solid in the event of a recession.
The survey was conducted by Maru Public Opinion among 1,511 Canadian adults from November 7 to 8, 2023.
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