As Canadians head into 2026, managing debt and keeping up with everyday expenses remain top financial concerns, according to new polling from CIBC.
The CIBC Financial Priorities Poll, released Dec. 29, 2025, found that paying down or eliminating debt is the leading financial priority for Canadians, with 16% citing it as their main focus. An equal 16% say keeping up with bill payments is their top concern, as inflation and the rising cost of living continue to strain household budgets.
While most Canadians remain optimistic, that confidence has slipped. The poll found 70% feel confident they will achieve their financial goals in 2026, down from 76% last year. Fewer Canadians also feel prepared to handle unexpected financial setbacks, with 55% saying they could weather an unplanned expense, compared to 59% in 2025.
These concerns come as household debt remains elevated. According to national data, Canada’s average debt-to-income ratio sits at roughly $1.75 of debt for every $1.00 of disposable income, underscoring the pressure many households face as interest rates and living costs remain high.
“These results suggest Canadians are still optimistic, but they’re feeling pressure around cash flow and month-to-month expenses,” said Nicole Olsen, partner at BDO Debt Solutions and a Licensed Insolvency Trustee, in an interview with RadioNL News.
The survey also shows 43% of Canadians plan to start or increase investing as a New Year’s resolution. However, Olsen says resolutions alone often fall short.
“Many people set ambitious financial goals at the start of the year, but research shows most resolutions don’t last beyond the first few weeks,” she said. “Without a plan, it’s easy to lose momentum.”
Financial planning over resolutions
Olsen suggests approaching financial improvement as a year-long process rather than a single resolution.
“Understanding your income, expenses, and debt is the starting point,” she said. “Budgeting gives people clarity about where their money is going and where adjustments might be possible.”
She notes that even small changes — such as reviewing discretionary spending or reducing unused subscriptions — can help improve cash flow. Some Canadians, she added, are choosing structured approaches like the “No Spend January” challenge to rein in spending after the holidays.
Setting realistic goals is also key. Olsen encourages Canadians to break financial targets into manageable steps.
“If goals are unrealistic, people can become discouraged quickly,” she said. “Progress over time is more sustainable.”
Reviewing plans as conditions change
With economic uncertainty continuing into 2026, Olsen says financial plans should be reviewed regularly.
“Costs change, priorities change, and life events happen,” she said. “A plan that worked at the start of the year may need adjustments as circumstances evolve.”
Events such as job changes, family additions, illness, or changes in household income can all impact financial stability and should prompt a review, she added.
When to seek professional advice
The poll results also highlight the role professional advice can play in financial planning. CIBC notes that personalized advice can help Canadians structure plans that reflect both short- and long-term goals.
Olsen agrees, saying different professionals serve different needs.
“For investing or savings goals, a financial planner can be helpful,” she said. “For people struggling with debt, a Licensed Insolvency Trustee can explain available options and implications.”
She emphasized that meeting with a Licensed Insolvency Trustee does not automatically lead to insolvency proceedings.
“People often avoid conversations because of fear or stigma,” Olsen said. “But gathering information is often the first step toward reducing financial stress.”
Cautious optimism in 2026
The CIBC poll, conducted by Ipsos in November 2025, surveyed 1,505 Canadians aged 18 and over. It suggests Canadians are entering 2026 cautiously optimistic — focused on financial discipline, but aware of ongoing economic pressures.
As Olsen put it, “Canadians are trying to be proactive with their finances. The challenge is turning intention into long-term action.”
