Half of Canadians surveyed would prefer to save money.
When it comes to fiscal priorities, Canadians hope to reduce their debt next year.
That’s according to a CIBC survey, which found that 20% of respondents say paying down debt is their number one goal for 2022. Next is investment growth and bill tracking.
From December 6 to 7, over 1,500 Canadian adults were randomly selected for the questionnaire.
The poll found that 66% of people are worried about inflation and 36% are concerned about the uncertainty due to COVID-19. These are the two main economic concerns of the participants.
“It’s understandable that Canadians are concerned about the economy in 2022, but what’s important is to have their personal finances in order, if goods, services and debt are going to cost more,” he said. Carissa Lucreziano, vice president of finance and investment advice at CIBC, said in a statement.
Only a quarter of those polled (27%) expect their financial situation to improve next year, and 37% say they have taken on more debt in 2021, with expenses exceeding their monthly income.
“While a number of Canadians don’t think their finances will improve in 2022, most haven’t had a planning session with their financial advisor in the past year. Making this a New Year’s resolution can help Canadians manage their financial expectations – and surprises. – in 2022 ”, explains Lucreziano.
When asked about their financial well-being, 47% said living without financial stress is a top priority.
Lucreziano says it’s imperative to look for ways to ease financial stress.
“Having a plan to achieve your long-term ambitions and a clear understanding of your monthly cash flow can drastically reduce stress, which is why we recommend that you seek the help of a financial expert who can implement a plan to reduce these pressures and get people on track to achieve their ambitions, ”she adds.
Half of the people who completed the questionnaire wanted to be better at saving.
“Coffeeaholic. Lifelong alcohol fanatic. Typical travel expert. Prone to fits of apathy. Internet trailblazer.”