A new CIBC survey finds over half of Canadians (56 per cent) are cutting back on discretionary spending in an effort to lessen the impact of rising costs for goods and services and most people (81 per cent) are paying close attention to their finances so they can afford their needs before focusing on their wants.
- Ability to pay for unexpected expenses: 60 per cent
- Ability to save: 55 per cent
- Paying for day-to-day expenses: 48 per cent
- Meeting ongoing home expenses: 47 per cent
- Ability to invest/continue investing: 39 per cent
- Ability to make monthly mortgage payments: 27 per cent
“As we continue to live through an evolving economic environment, Canadians are concerned about their ability to pay for day-to-day expenses and save for the future,” said Carissa Lucreziano, Vice-President, Financial and Investment Advice, CIBC. “With November being Financial Wellbeing Month in Canada, it is a perfect time to take steps towards improving financial wellness and knowledge by connecting with an advisor.
“Canadians should know there are a number of resources available to assist them with improving their financial literacy and managing their expenses. From accessing online budgeting tools and calculators, to speaking with a financial professional about investing, we are here to help.”
The survey also found:
- Today’s inflationary environment has many people looking to cut back on expenses and some say they are employing strategies such as couponing or looking for deals (37 per cent), more strictly adhering to a budget (36 per cent) and switching from brand name products to lower-cost options (36 per cent) as a way to combat soaring prices for everyday needs;
- Many (55 per cent) Canadians say they also need to get a better handle on their finances this year with 60 per cent of respondents indicating they are concerned with their future ability to pay for unexpected expenses;
- On average, Canadians give themselves a 5.9 out of 10 when it comes to financial literacy, and many (55 per cent) say they wish they had a stronger level of financial knowledge.
- Investment advice/help building investments: 23 per cent
- Preparation for retirement: 21 per cent
- Strategies to offset inflation: 19 per cent
- Help managing cost of living: 15 per cent
CIBC regularly hosts Smart Advice virtual events to support Canadian’s financial wellbeing on topics such as investing, estate planning, goal-setting and more. The next virtual event taking place on November 30 – Inflation-proof your retirement – focuses on investment strategies to help build, preserve and keep your retirement savings on track, with every changing circumstance that life may bring your way. To register, please visit: https://www.cibc.com/en/special-offers/national-client-events.html?itrc=M673:21&#ondemand
(Mario Toneguzzi is a veteran of the media industry for more than 40 years and named in 2021 a Top Ten Business Journalist in the world and only Canadian)
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