TORONTO, April 28,
2022 /CNW/ - When it comes to finances, a new CIBC
survey finds that less than a third of Canadians are debt-free, and
the majority of those with debt (71 per cent) are comfortable with
their current financial situation. That level of comfort could
change quickly, however, with many (68 per cent) of those with debt
saying they are concerned or very concerned about the impact of
rising inflation on their ability to pay everyday bills and living
expenses. And if interest rates rise in 2022, 44 per cent of those
with debt would be concerned about their ability to make regular
"Many Canadians faced a tough few years financially as a result
of the pandemic, so it's great to see that most people are
comfortable with the amount they're carrying and are staying on top
of their payments with only a few indicating they are struggling to
keep up," said Carissa Lucreziano,
Vice-President, CIBC Financial and Investment Advice. "But given
underlying concerns over inflation and rising rates, now is the
time to start discussing and planning for managing through any
challenges that might emerge."
Canadians are optimistic about
The majority of people with debt polled (78 per cent) indicated
they are making a reasonable effort to pay off their debt and that
many Canadians with debt believe it isn't necessarily a bad thing
if managed carefully (52 per cent).
Excluding mortgage debt, most Canadians believe they will be
debt-free within the next five years (51 per cent) and, among those
with mortgages, most expect to be debt-free by the age of 55.
The survey also found that while stigma around debt continues to
exist, many Canadians (60 per cent) believe there is less shame
around talking about debt than there used to be.
"Money matters can be an emotional subject and people often feel
shame around asking for support with debt, but we're here to help.
We have the tools, solutions and services available to help
Canadians improve their financial wellbeing and relieve stress as
they manage their debt," added Ms. Lucreziano.
Keeping an eye on inflation but
ready for warmer weather
As Canadians head into their first summer without previous
pandemic restrictions, 42 per cent are looking to make the most out
of the warmer weather and expect they will spend more money this
summer than in previous years.
However, many Canadians (63 per cent) are keeping an eye on
rising inflation and are not looking to go overboard with spending
with 40 per cent saying they will adhere to a stricter budget as
the cost of goods continues to rise.
CIBC Poll - Other Key
- 30 per cent of Canadians are currently debt-free, up
4-percentage points from last year
- Among those with mortgage debt, it accounts for 84.7 per cent
of their total debt, on average
- 61 per cent say they have an emergency fund, while 34 per cent
would need to fund unforeseen expenses elsewhere
CIBC is a leading North American financial institution with 11
million personal banking, business, public sector and institutional
clients. Across Personal and Small Business Banking, Commercial
Banking and Wealth Management, and Capital Markets businesses, CIBC
offers a full range of advice, solutions and services through its
leading digital banking network, and locations across Canada, in
the United States and around the
world. Ongoing news releases and more information about CIBC can be
From March 3 to March 4, 2022,
an online survey of 1,520 randomly selected Canadian adults who
are Maru Voice
Canada panelists was executed by Maru/Blue. For
comparison purposes, a probability sample of this size has an
estimated margin of error (which measures sampling variability) of
+/- 2.5%, 19 times out of 20. The results have been weighted
by education, age, gender and region (and in Quebec, language) to match the population,
according to Census data. This is to ensure the sample is
representative of the entire adult population of Canada.
Discrepancies in or between totals are due to rounding.