TORONTO — CIBC says paying down debt is the top financial priority for Canadians heading into 2025.
In its annual Financial Priorities poll, CIBC found Canadians continue to see rising costs for household goods and high interest rates as their biggest financial concerns.
Keeping up with bill payments is the second biggest priority for respondents.
CIBC says almost two-thirds of Canadians are worried about the possibility of a recession, however more than half of poll respondents feel they’re prepared to weather an unexpected financial hardship.
CIBC says 28 per cent of respondents took on more debt in the past 12 months, with the top reasons being the cost of living, daily expenses outstripping income and financial emergencies.
The findings are from an online Ipsos poll conducted for CIBC between Nov. 27 and Dec. 2 using a sample of 1,500 Canadians from an existing Ipsos panel.
This report by The Canadian Press was first published Dec. 30, 2024.