The comparatively small proportion who mentioned recession was their largest concern – regardless that 73% expressed concern about it – displays sturdy sentiment that respondents imagine they’re financially ready for the surprising (62%) and have resilient sufficient funds to deal with recession (59%).
Debt and investments
Regardless of worrying in regards to the rising value of residing, customers are prioritizing paying down debt (18%) over paying payments (17%) and boosting investments (14%).
Greater than half of ballot respondents mentioned that they should get a greater deal with on their funds this 12 months, whereas 1 / 4 have taken on extra debt previously 12 months with nearly half citing the rising value of residing.
“The present financial surroundings has, understandably, prompted Canadians to re-assess their monetary priorities for 2023,” mentioned Carissa Lucreziano, VP of CIBC Monetary and Funding Recommendation. “When issues really feel unsure, it is necessary for folks to give attention to what’s of their sphere of management.”
Saving extra
Amongst secondary priorities for funds, 25% of respondents plan to save lots of extra, nearly as many wish to keep away from taking up extra debt, and 18% intention to scale back discretionary spending.
