PAYING DOWN DEBT TOP GOAL: POLL
A new survey says paying down debt is the No. 1 financial goal of Canadians heading into the new year, with many saying they took on more debt this year to cover day-to-day expenses and make up for a loss of income. The annual Canadian Imperial Bank of Commerce poll reveals that tackling debt has remained unchanged as the top financial priority for the past 11 years, despite many Canadians grappling this year with the economic fallout of the COVID-19 crisis. The bank's survey found the second financial priority among Canadians for 2021 is simply “keeping up with bills and getting by.” The CIBC says optimism for the year ahead has declined compared with previous years — with 24 per cent of Canadians believing their financial situation will improve in 2021, down from 32 per cent in 2019.