Debt is Canadians’ number one goal for 2022 (20%), while economic concerns focus on inflation (66%) as well as uncertainty caused by COVID-19 (36%), the survey finds an annual report from a major Canadian bank on Canadians’ financial priorities.
“It is understandable that the economic landscape of 2022 worries Canadians, but it is important that we put our personal finances in order, especially if goods, services and debt start to cost us more,” said Carissa Lucreziano, vice president of financial and investment advisory. , at CIBC, sponsor of the survey.
With the cost of everyday items on the rise, 37% of respondents said they took on more debt in 2021 because the expenses were more than their monthly income. Only a quarter of respondents (27%) expect their financial situation to improve next year.
The survey was conducted online by Maru/Blue on December 6 and 7 among 1,515 randomly selected Canadian adults. For comparison purposes, a random sample of this size has an estimated margin of error (which measures sample variance) greater or less than 2.5%, 19 times out of 20. Results have been weighted to reflect population composition, based on census data.
When asked to define financial well-being, 47% of survey respondents answered that they live without financial stress, which is not the case – for 28% of respondents, among themselves – the main factor contributing to overall well-being. Overall, 4 in 10 respondents (41%) believe that financial well-being stems from their ability to afford basic life necessities, such as shelter, food or transportation.
When it comes to wellness, work-life balance is also critical. Overall, 7 in 10 people (70%) think maintaining a healthy work-life balance is more important than ever.
Other survey findings include 40% of homeowners and 31% of non-homeowners concerned about rising interest rates.
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