For 18 per cent of Canadians their Number One goal in 2023 is to repay debt, according to CIBC's annual Financial Priorities poll.
Some 65 per cent of Canadians are worried about inflation, while another 30 per cent are concentrating on rising interest rates and 24 per cent are concerned about recessionary fears.
The poll also finds that overall sentiment towards finances has weakened in the last year with 55 per cent of Canadians indicating they need to get a better handle on their financial situation and one in four people saying they have taken on more debt in the last 12 months.
Financial advisor can help
"The current economic environment has, understandably, prompted Canadians to re-assess their financial priorities for 2023," said Carissa Lucreziano, Vice-President, CIBC Financial and Investment Advice. "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."
Common secondary financial goals for 2023 include saving as much as possible (25 per cent), avoiding taking on more debt (24 per cent), saving for a vacation (21 per cent), and reducing discretionary spending (18 per cent).
While the majority (73 per cent) of Canadians are worried about the possibility of a recession next year, most (62 per cent) feel financially prepared for the unexpected and 59 per cent believe their financial situation is secure enough to withstand a recession.
Abut 80 per cent of those polled said they did not have a goal planning discussion with their financial advisor in the last year.
