Canadians focus on debt and bills amid economic uncertainty: CIBC poll
Posted December 29, 2025 11:48 am.
Last Updated December 29, 2025 4:38 pm.
Canadians are stepping up efforts to get their finances in order as economic uncertainty continues to weigh on households, according to CIBC’s annual Financial Priorities Survey.
Paying down or eliminating debt remains the top goal for 2026, with 16 per cent of Canadians focused on reducing what they owe and another 16 per cent prioritizing paying bills.
“Rather than, let’s say, saving for retirement or saving for some other purpose, paying down debt seems to be, again, the number one priority for Canadians,” said Jamie Golombek, managing director for tax and estate planning, CIBC. “2025 may not have been perfect. You may have made some mistakes. You may be in a bit of debt, but you can get a head start for 2026.”
Rising inflation and the cost of living are cited as key drivers behind these financial decisions.
“Setting a plan in advance, setting a budget in advance, and then trying to stick within that budget,” said Golombek. “Yes, if you do need to go over a bit, credit cards do provide that extra leeway of opportunity, but try to make that a number one priority.”
Each year since the survey’s inauguration in 2010, paying down debt has been the number one priority for Canadians.
“While confidence in future financial goals remains high, it’s clear that Canadians are feeling short-term pressures on managing cash flow and monthly expenses,” said Carissa Lucreziano, vice-president, Financial Planning and Advice, CIBC.
While 70 per cent of Canadians say they are confident they will meet their financial goals in the year ahead, optimism has dipped slightly from 76 per cent last year.
“When it comes to the holidays, with the gifts and the groceries, when you welcome family at home, it brings extra expenses,” said Charles-Antoine Gobeil, President of Gobeil consulting group and licensed insolvency trustee. “And unfortunately, the income does not necessarily follow. So, for people who already have a certain amount, already have a balance on their on their credit cards, then it brings in an increase to their minimum payments. And the interest also adds on to that. So, in the end, January and February are always for us as insolvency trustees, very busy months, because we really see it with the with the increase in expenses.”
Last year, Gobeil’s firm saw a 43 per cent jump in insolvency filings in January compared to December — and he expects a similar increase this year as Quebecers rely on credit cards during the holidays.
“When that adds on to your other regular payments, and you keep that habit of spending because the credits is there and available, then in the end, it becomes harder and harder to make the minimum payments,” said Gobeil.
Similarly, 55 per cent feel prepared for unexpected expenses or financial challenges, down from 59 per cent in 2025.
“Personalized advice and proactive planning can have a real impact on structuring a plan that is tailored to your current situation and can give you confidence that you and your family will achieve long-term goals,” added Lucreziano.
Despite the caution, many Canadians are still looking to grow their wealth. Nearly half (43 per cent) plan to start or increase investments as part of a New Year’s resolution, the survey found.
Statistics Canada says that – in 2022 – for every dollar of disposable income, households now carry one dollar and 76 cents in debt.
“Every year, every month from one month to another, we see a consistent increase in the number of files in general, there are some periods in the year where people have more debts like January,” said Gobeil. “And also we see it a lot in the September and October after the summer holidays. But year after year, the number of insolvency cases increased.”
The results highlight a cautious but determined approach as Canadians balance financial discipline with long-term goals in a changing economic landscape.
“Whether you’re confident in achieving your financial goals in 2026 or have questions about your financial outlook, working with an advisor can help you implement a plan to achieve your ambitions,” said Lucreziano.
