{"id":24239,"date":"2024-01-05T15:43:30","date_gmt":"2024-01-05T23:43:30","guid":{"rendered":"https:\/\/essential.construction\/news\/top-2024-financial-priority-paying-down-debt\/"},"modified":"2024-01-05T15:43:31","modified_gmt":"2024-01-05T23:43:31","slug":"top-2024-financial-priority-paying-down-debt","status":"publish","type":"post","link":"https:\/\/essential.construction\/news\/top-2024-financial-priority-paying-down-debt\/","title":{"rendered":"Top 2024 financial priority: Paying down debt"},"content":{"rendered":"

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At a time when higher inflation is putting a strain on household budgets, this year\u2019s priority for Canadians is paying down debt, according to CIBC\u2019s annual Financial Priorities poll. The goal of debt repayment was tied with the goal of saving as much as possible, reports the financial institution. Keeping up with bills is also high on the list for 2024.<\/p>\n

Inflation and rising interest rates top the combined ranked list of financial concerns for Canadians this year.\u00a0 The poll also found that while the majority (67 per cent) of Canadians agree we are either heading into a recession or already in one, most (64 per cent) feel financially prepared for the unexpected and 60 per cent believe their financial situation is secure enough to withstand a recession.<\/p>\n

Overall sentiment towards finances has also remained constant since last year with 64 per cent of Canadians indicating they feel positive about their current financial situation and only a quarter of people saying they have taken on more debt in the last 12 months.<\/p>\n

\u201cWith household budgets under some pressure from higher costs, it\u2019s not surprising that paying down debt is a top priority for Canadians in the new year,\u201d said Carissa Lucreziano, vice-president, CIBC Financial Planning and Advice.<\/p>\n

According to the poll, 70 per cent\u202fof Canadians believe the uncertainty of the current environment makes it difficult to plan, and among those currently employed,\u202f42 per cent\u202fare concerned about their job security given the present economic environment.<\/p>\n

The Maru Public Opinion survey of more than 1,500 Canadians was undertaken in November.<\/p>\n

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www.cibc.com<\/a><\/p>\n<\/p><\/div>\n