Are you hoping to finally get control of your debt in 2021? If your answer is yes, you’re not alone.
A recent survey from CIBC found that the majority of respondents—20 per cent—are prioritizing paying off their debt for the new year.
This is the eleventh consecutive year Canadians have made this their financial priority.
Based on the findings, the second-most common financial goal for Canadians—18 per cent—was staying on top of their bills.
Additionally, financial optimism among Canadians has declined compared to last year—only 24 per cent of respondents are optimistic their financial situation will improve in 2021, compared to 32 per cent last year.
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The pessimism for the year ahead has been attributed to the economic downturn associated with the pandemic.
The top concerns for Canadians going into the new year are inflation and the rising cost of goods—60 per cent of respondents listed this as their biggest financial worry of the new year.
Further, 71 per cent of respondents believe the uncertainty of the current climate makes it difficult to plan ahead, while 34 per cent are concerned about slow economic growth.
Moreover, nearly half of respondents—43 per cent—said their personal finances have been impacted by the pandemic, and 46 per cent believe it will take more than a year for them to financially recover.