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

Buses running today but still a risk of frostbite

The wind chill for Friday morning in Quesnel is expected to be -33 C

RCMP to hold career presentation in Quesnel

Those interested in applying need to pre-register for the Jan. 22 presentation

Quesnel Kangaroos drop two on the road over the weekend

The Roos lost 8-6 to the the Smithers Steelheads and 11-9 to the Hazelton Wolverines

Quesnel breaks 100-year-old temperature record amid winter storm

Quesnel dipped to -41.9 C, breaking a record from 1916

Quesnel school board will continue to lobby MOTI to rebuild West Fraser Road

‘I feel the school district is one of the best advocates,’ says trustee Gloria Jackson

Fashion Fridays: Look your best this year

Kim XO, helps to keep you looking good on Fashion Fridays on the Black Press Media Network

Special prosecutor to review Cranbrook toddler drowning case

Evidence disclosure at issue in the case of a woman sentenced for criminal negligence causing death

UPDATE: Supreme Court dismisses B.C.’s appeal in Trans Mountain pipeline case

Judges decide whether B.C.’s power to protect environment can include impeding a federal project

Vancouver Island child struck, pinned under SUV while sledding

Boy suffers serious injuries, no charges laid in incident

Unprepared for chemistry test, B.C. student begs superintendent to call another snow day

The student from West Vancouver promised he would study more, but was distracted by skiing and hot chocolate

Blast of winter continues across B.C., bringing frigid weather and more snow

A number of weather warnings continued Thursday as winter storms continue in B.C.

Over 16,000 people nabbed by RCMP between border crossings in 2019

In 2019, 63,830 claims were filed, up from 55,040 in 2018

Iran must compensate crash victims’ families, Canada-led group agrees

‘We are judging Iran every day, demand by demand,’ says Foreign Affairs Minister Francois-Philippe Champagne

Most Read