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Canadians Highly Concerned About Inflation, According to CIBC

After almost two years of health emergencies, the number one economic concerns of Canadians center on inflation (66%) and uncertainty caused by the pandemic (36%), reports the CIBC annual poll.

Due to the rising cost of living, 37% of Canadians took on more debt in 2021, as expenses further exceeded their monthly income. Of this number, just over a quarter (27%) expect their financial situation to improve in the next year.

The repayment of their debt is therefore the main objective of Canadians for the year 2022 (20%), according to the poll released Wednesday.

“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.

When asked about it, almost half of survey participants (47%) mentioned that financial well-being stems from the absence of stress related to money.

Half of respondents (50%) would like to save better, while 49% agree they need to improve how they manage their finances in 2022.

“Finding ways to alleviate financial stress is essential, as it is clearly a determining factor in overall well-being. Having a plan to achieve long-term ambitions along with a good understanding of monthly cash flow can help reduce stress significantly. This is why we recommend that you seek help from a financial expert, who can develop such a plan to help you alleviate the pressures and put you on the right track towards achieving your ambitions, ”added Ms. Lucreziano. .

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