Paying off debt is the main goal for Canadians for the new year, while economic worries are focused on inflation (66 per cent) and uncertainty because of the ongoing pandemic (36 per cent), according to a new poll.
CIBC's annual Financial Priorities poll finds that 37 per cent of Canadians said expenses exceeded their monthly income and they had to take on more debt. Only 27 per cent said they expect their financial situation will improve in 2022.
Working with financial advisor key
"It's understandable that Canadians are concerned about the economy in 2022, but what's important is to have their personal financial house in order if goods, services and carrying debt are going to cost more," said Carissa Lucreziano, Vice-President, CIBC Financial and Investment Advice, noting that most have not had a planning session with their financial advisor.
“Making that a New Year's resolution can help Canadians manage their financial expectations – and any surprises – in 2022."
When asked what financial wellness means to them, 47 per cent said living without financial stress; About 40 per cent said they feel financial wellness comes from being able to afford what they need in life, such as housing, food, or transportation; half wish they were better savers and a similar number agree they need to get a better handle on their finances.