Paying down the debt is a financial priority for Canadians in 2024

With higher everyday costs, Canadians sometimes had to take on more debt in 2023, and paying it off became a financial priority next year, according to a CIBC survey.

• Also Read: Debt Rises, Savings Fall: A New “Trend”?

Therefore, 13% of Canadians surveyed indicated that 2024 was their priority. About 13% of them aim to save as much as possible and 12% aim to pay their bills.

Increase in cost of living topped the main reasons, which led respondents to take more debt (46%), daily expenses compared to monthly income (38%), unexpected financial emergencies (17%), high debt costs (14%) and loss of income (14%). .

“With pressures on household budgets due to rising costs, it's no surprise that paying off debt is a top priority for Canadians in the new year,” agrees CIBC Vice President, Financial Planning and Advice Carissa Lucreziano.

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

However, 64% of respondents feel financially prepared to weather the unexpected in 2024, and 60% of them believe their finances are sufficiently robust during a recession.

Maru conducted a public opinion survey of 1,511 Canadian adults from November 7 to 8, 2023.