TORONTO, Dec. 30,
2024 /CNW/ - CIBC's annual Financial Priorities poll
finds that paying down or eliminating debt remains the top
financial priority among Canadians (17 per cent), followed by
keeping up with bill payments (16 per cent).
The poll also found that inflation/rising costs of household
goods (66 per cent) and high interest rates (28 per cent) remain
the top financial concerns for Canadians. While 65 per cent of
Canadians are worried about the possibility of a recession, over
half feel prepared to weather an unexpected financial event or
hardship (59 per cent) and most feel their financial situation is
secure enough to withstand a recession (53 per cent).
"Financial priorities are shaped both by ambitions and by the
economic environment – and we're seeing Canadians adapt to the
current environment by learning new strategies, such as creating a
budget or reducing spending, to help them stay on track,"
said Carissa Lucreziano, Vice-President, CIBC Financial
Planning and Advice. "Prioritizing savings when costs are on the
rise is challenging, but gaining insight from an advisor can
empower Canadians with tailored, personalized advice and solutions
to help them reach their financial goals."
Despite challenges, Canadians are feeling a sense of optimism
for the upcoming year, with 76 per cent expressing confidence in
achieving their 2025 goals. 64 per cent of Canadians maintain a
positive outlook on their current financial situation, with only 28
per cent having taken on more debt in the past 12 months.
Additional findings from the annual Financial Priorities
poll:
- Top reasons for taking on more debt include increased cost of
living (44 per cent), day-to-day expenses beyond monthly income (29
per cent), unexpected financial emergencies (21 per cent), new
vehicle (16 per cent), and loss of income (14 per cent).
- Among those currently employed, 54 per cent are
concerned about their job security given the present economic
environment.
- 24 per cent say advice to help manage the cost of living
would help them feel more prepared for unexpected financial
hardships.
Tools and support
In addition to expert, personalized advice, CIBC also offers
clients the following online tools to help manage their everyday
expenses and overall finances:
- Budget Calculator, offers a clear picture of your monthly cash
flow to help make informed financial decisions.
- CIBC Smart Planner, an intuitive goal planning tool that makes
it easy for you to set, track and reach your financial goals.
- CIBC Insights, offers tips and proactive alerts about everyday
spending to make it easier for you to manage your money and stay on
track to achieving your financial goals.
Disclaimer
The findings are from an Ipsos poll conducted between November 27 and December 2, 2024, on
behalf of CIBC. For this survey, a sample of 1,500 Canadians aged
18+ were interviewed online. Sample was sourced from the Ipsos
panel. Weighting was employed to balance demographics to ensure
that the sample's composition reflects that of the adult population
according to Census data and to provide results intended to
approximate the sample universe. The precision of Ipsos online
polls is measured using a credibility interval. In this case, the
poll is accurate to within ±3.1 percentage points, 19 times out of
20, had all Canadians been polled. The credibility interval will be
wider among subsets of the population.
About CIBC
CIBC is a leading North American financial institution with 14
million personal banking, business, public sector and institutional
clients. Across Personal and Business Banking, Commercial Banking
and Wealth Management, and Capital Markets, CIBC offers a full
range of advice, solutions and services through its leading digital
banking network, and locations across Canada, in the
United States and around the world. Ongoing news releases and
more information about CIBC can be found
at www.cibc.com/ca/media-centre
SOURCE CIBC