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Of the 29 per cent of Canadians who took on more debt in the past 12 months, 34 per cent cited covering day-to-day items as their key reason, 21 per cent racked up debt to buy a new vehicle, and 20 per cent cited home repair or renovation as their biggest credit expense, according to CIBC’s survey.

But amid expectations of higher costs next year, Canadians (26 per cent) now see paying back debt as their top priority in 2019, according to the poll — the ninth consecutive year that debt repayment has topped CIBC’s annual survey of financial priorities.

Around two-thirds of Canadians also fear that the stock market has reached its peak, which is contributing to a growing desire to cut debt. The Canadian stock market is in the midst of its worst showing in a decade, losing 15 per cent in 2018 year-to-date and hitting a two-year low on Christmas Eve.

“The biggest concern is that people will panic, and they’ll say, ‘You know what, I shouldn’t save it all for retirement because the market is very choppy, very dangerous, so I need to stop investing and spend money today,’” Golomek said.

The recent tumult in the market could scare people away from investing long-term for retirement, he said, and focus on “the here and now.”

“People are focusing on the immediate priorities. If you take a long-term approach and you have a financial plan, these turns in the market don’t touch you,” Golombek said.

If you take a long-term approach and you have a financial plan, these turns in the market don’t touch you Jamie Golombek, CIBC Financial Planning and Advice

While Canadians are also worried about imported inflation thanks to a weak loonie, analysts are divided over its direction. In November, CIBC cut its year-end forecast for the Canadian dollar against the American greenback from 1.28 to 1.31, citing weakness in crude oil markets.