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Paying off debt is a financial priority for Canadians in 2024

Paying off debt is a financial priority for Canadians in 2024

With daily expenses rising, Canadians are sometimes forced to take on more debt in 2023 and paying it off has become the financial priority for next year, according to a CIBC survey.

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Thus, 13% of Canadians surveyed indicated making this their priority for 2024. Nearly 13% also have a goal to save as much as possible and 12% to pay their bills.

An increase in the cost of living tops the top reasons respondents took on more debt (46%), followed by daily expenses higher than monthly income (38%), unexpected financial emergencies (17%), and higher costs of living. Borrowing costs (14%) and loss of income (14%).

“Given the pressures on household budgets due to rising costs, it is not surprising that debt repayment will be a top priority for Canadians in the new year,” acknowledged Carissa Lucreziano, vice-president, financial planning and advisory at CIBC Bank.

Among Canadians' other financial concerns for the coming year, we also find inflation (61%) and rising interest rates (28%).

However, 64% of respondents feel financially prepared to face the unexpected in 2024, and 60% consider their financial situation to be sufficiently solid in the event of a recession.

The poll was conducted by Maru Public Opinion among 1,511 Canadian adults from November 7 to 8, 2023.

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