Repaying debt is the number one financial goal for Canadians welcoming 2023, according to CIBC’s annual Financial Priorities poll.
The top financial concerns, CIBC reports, are inflation, rising interest rates and general recessionary fears, underscored by 55 per cent of Canadians believing they need to get a grip on financial uncertainties.
The poll also indicates that one in four people say they have incurred more debt in the last year.
"The current economic environment has, understandably, prompted Canadians to re-assess their financial priorities for 2023," said Carissa Lucreziano, CIBC's vice-president of financial and investment advice, in a press release.
"When things feel uncertain, it's important for people to focus on what is in their sphere of control. A financial professional can help Canadians plan for the unexpected and feel confident when faced with challenges in the year ahead."
But added to the mix is the looming possibility of a recession next year, which the majority of poll participants (73 per cent) claim to be worried about.
Despite these worries, most participants (63 per cent) still feel financially prepared to weather the storm, and 59 per cent believe their financial situation can withstand a recession entirely.
The poll also identified that other top priorities leading into 2023 include keeping up with bills and growing investments, and secondary financial objectives include increasing savings, avoiding debt (24 per cent) and saving for a vacation.
The poll also broke down major reasons that Canadians have chosen to take on more debt, including day-to-day expenses that surpass monthly incomes (34 per cent), higher cost of borrowing (16 per cent), home repairs (14 per cent) and unexpected financial emergencies (16 per cent).
“Whether you're on track to meet your financial goals in 2023 or you're worried about what the future may hold, we recommend seeking the guidance of a financial expert who can help implement a plan to help you achieve your ambitions this year," Lucreziano said.
