Paying down debt is the top goal for Canadians for 2022 (20%), while economic concerns focus on inflation (66%) as well as the uncertainty caused by COVID-19 (36%), according to a major Canadian bank’s annual survey of the financial priorities of Canadians.
“It’s understandable that the 2022 economic landscape worries Canadians, but it’s important that we get our personal finances in order, especially if goods, services and debt start to cost us more,” said said Carissa Lucreziano, vice-president, financial and investment advice, at CIBC, sponsor of the survey.
With the cost of everyday items rising, 37% of respondents say 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 online survey was conducted 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 sampling variability) of plus or minus 2.5%, 19 times out of 20. The results have been weighted to reflect the composition of the population, based on census data.
Financial well-being
When asked to define financial well-being, 47% of survey participants responded that it was living without financial stress, which is not the case – for 28% of respondents. between them – 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 the basic necessities of life, such as shelter, food or transportation.
When it comes to wellness, work-life balance is also crucial. Overall, 7 in 10 people (70%) believe that maintaining a healthy work-life balance is more important than ever.
Other results from the survey include 40% of homeowners and 31% of non-homeowners worried about rising interest rates.