Settling debts top of mind among Canadians in 2022, poll reveals

Repaying debts was the number one goal among Canadians in 2022, an annual poll conducted by financial institution CIBC revealed.

Among those who said they took on more debt in 2021, over a third of them said it was because expenses exceeded their monthly income, CIBC’s Financial Priorities poll showed.

Inflation emerged as the primary source of Canadians’ financial worries, followed by uncertainties brought about by the COVID-19 pandemic.

Faced with all these economic concerns, only a quarter of respondents expect their financial situation to improve next year.

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This sentiment is backed by the latest numbers from Statistics Canada, which revealed that in November, grocery prices of basics like bread, eggs, and dairy products shot up. According to the agency, prices for food purchased from stores rose 11.4 percent compared to a year ago, and up from an 11 percent gain in October.

Notably, coffee and tea prices were up 16.8 percent in November, while items such as edible fats and oils climbed 26 percent, eggs rose 16.7 per cent and bread, rolls, and buns were up 18.2 percent, Statistics Canada said.

In Metro Vancouver, living wages – or as the Canadian Centre for Policy Alternatives (CCPA) defines as the “hourly wage that two parents working full-time need to earn to support a family of four” reached an all-time high this year, increasing by over $3.50 from $20.52 per hour in 2021, to $24.08 per hour in 2022.

This increase is the biggest yearly spike since the wage was first calculated in 2008.

With files from Emily Marsten and John Ackermann