Personal finance: pandemic feeds pessimism

Personal finance: pandemic feeds pessimism

Canadians are less optimistic than a year ago about their personal finances and the state of the economy, according to a CIBC poll released Tuesday.

According to the financial institution, the COVID-19 pandemic has increased pessimism among the population for the coming year. For example, only one in four (24%) believe their financial situation will improve next year, compared to one in three (32%) in 2019.

These concerns are the result of concerns related to an economic slowdown. This sentiment is shared by 78% of people polled, a marked increase from 55% in 2019.

Inflation and the rise in the cost of goods in 2021 are feared by 60% of respondents. The slowdown in overall economic growth, highlighted by 34% of respondents, is also one of the main concerns.

“Canadians have faced so many challenges this year, it’s understandable that they are concerned about the economy in 2021. If this year has taught us anything, it’s that we can’t always predict what will happen. ‘coming,’ said Carissa Lucreziano, Vice President, Financial and Investment Advice at CIBC, in a statement.

Despite the upheavals caused by the pandemic, debt repayment remains the financial priority for next year for the eleventh consecutive year of this CIBC study. One in five respondents (20%) identified it as the most important goal, while 18% instead mentioned paying the bills and making ends meet topped the list.

This online survey was conducted from August 26 to 29 by Maru / Blue among 3,028 Canadian adults randomly selected from a panel.

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