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Jan 4, 2024

Paying down debt top priority for Canadians for 2024

At a time when higher inflation is putting a strain on household budgets, this year's priority for Canadians is paying down debt (13 percent), says CIBC. Its annual Financial Priorities poll says the goal of debt repayment was tied with the goal of saving as much as possible (13 percent), followed by keeping up with bills (12 per cent).

Inflation (61 percent) and rising interest rates (28 percent) top the combined ranked list of financial concerns for Canadians this year. Most Canadians (67 percent) agree we are either heading into a recession or already in one, but most (64 per cent) also feel financially prepared for the unexpected with 60 per cent saying their financial situation is secure enough to withstand a recession.  

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