Debt is Canadians’ top financial worry as 2020 dawns, poll says

Survey suggests 60% of Canadians think they could be managing their money better

A CIBC sign is shown in the financial district in Toronto on August 22, 2017. THE CANADIAN PRESS/Nathan Denette

A year-end CIBC poll finds debt is weighing heavily on the minds of Canadians, with nearly four in five respondents rating it more important to address than building their savings.

The online survey also finds that 71 per cent of respondents say they avoided borrowing money in 2019.

The same number say they are concerned about the rising costs of household goods going into 2020 and about 55 per cent say they fear a potential economic recession in the new year.

Debt repayment led the list of concerns in the survey for the 10th year in a row, CIBC says, with about 78 per cent rating it more important than saving. Meanwhile, about 33 per cent worry they are falling behind on building a nest egg by focusing too much on paying back money owed.

CIBC says about 60 per cent of Canadians polled agreed there are likely better ways to manage their money than those they are currently employing.

The online poll conducted between Dec. 6 and 8 gathered responses from 1,515 Canadian adults.

“Debt repayment doesn’t need to be worrisome. It needs to be managed,” said Jamie Golombek, managing director, CIBC financial planning and advice, in a news release.

“But, it shouldn’t come at the expense of savings. A strong financial plan incorporates debt management strategies, savings for financial goals, and a balanced portfolio with investments designed to make money in all market conditions.”

RELATED: Zombie debt will haunt more Canadians as scourge of indebtedness rises, experts say

According to the polling industry’s generally accepted standards, online surveys cannot be assigned a margin of error because they do not randomly sample the population.

The Canadian Press

Like us on Facebook and follow us on Twitter

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

In photos: Reino Keski-Salmi Loppet at Larch Hills

The race saw over 700 athletes take to the ski trails

Habitat for Humanity ReStore planned for former Safeway location in Salmon Arm

If renovations go as planned, store in Centenoka Park Mall could open in May or June

Salmon Arm mayor unconcerned over top court’s quash of plastic bag ban in Victoria

“I don’t think there is any turning back philosophically,” he said.

Sports shorts

Keep up to date with local sporting events and news segments Wrestler… Continue reading

In photos and video: Snow collapses cat shelter at Shuswap SPCA

Organization says no cats were injured, help wanted to rebuild

‘Presumptive case’ of coronavirus in Canada confirmed by Ontario doctors

Man in his 50s felt ill on his return to Canada from Wuhan, China

Help sought in developing family practices in South Okanagan and Similkameen

An estimated 15,000 people in region do not have a family doctor

People knowingly take fentanyl so make policy changes to reduce harm: B.C. study

Dr. Jane Buxton, an epidemiologist at the centre, says drug users need more resources,

‘My heart is going to bleed’: Bodies brought back to Canada following Iran plane crash

Remains of Sahar Haghjoo, 37, and her eight-year-old daughter, Elsa Jadidi, were identified last weekend

UBC grad and sister killed in Iran plane crash had bright futures ahead, close friend says

Asadi-Lari siblings Mohammad Hussein and Zeynab were two of 57 Canadians aboard downed Flight PS752

Animal lovers cautioned against feeding urban deer – even if they beg at the window

Even if the deer press their little faces against your kitchen window… Continue reading

Highway 1 closed near Golden for high avalanche danger

DriveBC does not give an estimation for reopening

Second earthquake in two days strikes near Agassiz

A 2.6-magnitude recorded Saturday morning

Most Read