Introduction

As we approach 2025, a recent poll conducted by CIBC reveals that paying down debt is the foremost financial concern for many Canadians. According to the findings from CIBC’s annual Financial Priorities survey, a substantial number of Canadians are increasingly worried about escalating household costs and soaring interest rates, making debt repayment a top priority.

Key Findings of the Survey

The survey highlights that keeping up with bill payments ranks as the second most significant financial concern for respondents. Notably, nearly two-thirds of Canadians express anxiety about the looming threat of a recession. Despite these concerns, over half of those surveyed believe they are equipped to handle unexpected financial setbacks, showcasing a certain level of confidence among Canadians in their financial preparedness.

Increasing Levels of Debt

In an alarming trend, the poll indicates that 28% of Canadians have taken on additional debt in the past year. The primary drivers behind this increase in debt include rising cost-of-living expenses, situations where daily expenses exceed income, and unforeseen financial emergencies that necessitate borrowing.

Survey Methodology

This poll was conducted by Ipsos for CIBC from November 27 to December 2, 2024, and surveyed a representative sample of 1,500 Canadians. The findings underscore a critical need for financial planning and resource management as Canadians navigate through unpredictable economic circumstances.

Conclusion and Outlook for 2025

As we venture into the new year, individuals and families across Canada may need to strategize more effectively to address their financial challenges. With continued inflation and potential interest rate hikes on the horizon, the focus on debt management is poised to shape the financial landscape for countless Canadians in 2025 and beyond.

Call to Action

Stay tuned for more insights on how Canadians can safeguard their finances amid these economic pressures!