A recent report from CIBC says about half of Canadians aren’t taking sufficient steps to stay on top of their financial priorities this year.
A poll conducted this month for the 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 reducing debt, staying current with bills, and contributing to their savings.
Weighing in at just 28%, debt repayment was the top priority of those surveyed — with the vast majority saying their biggest worry in 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.
The poll also determined that only 26% of the respondents said they plan to set a household budget to help them stay on track with their goals.
The CIBC survey was conducted online in early December among 1,507 Canadian adults who are Angus Reid Forum panellists.
Other key findings from the poll showed that keeping up with bills was the No. 2 priority among 16 per cent of those surveyed, followed by growing investments for 11 per cent.
Putting aside money for a vacation was a key financial priority for eight per cent of respondents, while establishing an emergency fund was a top goal for three per cent.
The polling industry’s professional body, the Marketing Research and Intelligence Association, says online surveys cannot be assigned a margin of error because they do not randomly sample the population.
The latest data from Statistics Canada suggests the ratio of household credit market debt to adjusted disposable income increased to 166.9% in Q3, up from 166.4% in the Q2.
This indicates means Canadians owed approximately $1.67 in credit market debt for every $1 of disposable income.