Canadians are putting debt repayment at the top of their priority list for 2022, according to a recent survey.
The report from CIBC also found that Canadians are most worried about inflation and uncertainty related to COVID-19.
Rising prices mean Canadians took on more debt in 2021 — 37 per cent of respondents told CIBC that their expenses outstripped their income. Furthermore, only about a quarter of Canadians (27 per cent) said they expect their financial situation will improve in 2022.
When it comes to economic worries, 66 per cent are concerned about inflation and its impact on them. Uncertainty thanks to COVID-19 is on the mind of 36 per cent of Canadians.