Nearly half of Canadians aren’t taking steps to meet financial goals: CIBC survey
TORONTO — A new report from CIBC says about half of Canadians aren’t taking sufficient steps to stay on top of their financial priorities in the coming year.
A poll conducted this month for the Toronto-based bank found that 48 per cent of respondents didn’t plan to cut back spending on non-essential items in order to meet goals that include eliminating debt, keeping up with bills and growing their investments.
Coming in at 28 per cent, debt repayment was the top financial priority of those surveyed — with the vast majority saying their biggest concerns were credit cards and lines of credit.
Among those who incurred new debt over the past 12 months, almost one-third of those surveyed said the primary reason for overspending was day-to-day expenses beyond their monthly income.