Canadians #1 Goal for 2023: Paying down debt

CIBC’s annual Financial Priorities poll finds that repaying debt is the number one goal for Canadians in 2023 (18 per cent), while inflation (65 per cent), rising interest rates (30 per cent), and recessionary fears (24 per cent) top the list of financial concerns.

Top reasons for taking on more debt include:

  • increased cost of living (47 per cent)
  • day-to-day expenses beyond monthly income (34 per cent)
  • unexpected financial emergencies (16 per cent)
  • higher cost of borrowing (16 per cent)
  • home repairs (14 per cent)

From our perspective we are holding out hope that Canadian’s will succeed in their debt repayment goals of 2023 at a much higher level than all those typical New Years resolutions we make to; exercise more, lose weight, and eat more healthy!