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

Morning start: Numerous shipwrecks can be found below Kootenay Lake

Here is your Kootenays’ morning start for Thursday, May 28

Geotechnical work set to get underway at Rossland Museum

Crews will be working at the museum from June 1 to 12

B.C. Minister reflects on Child Care Month

Minister Katrine Conroy is MLA for Kootenay West

City of Rossland asks motorists to be mindful of four bears roaming around Trail hill

The bears have been seen multiple times along the highway this month

Young farmers find a home through land-matching program

Young Agrarians links would-be farmers with landowners who have land to spare

B.C. legislature coming back June 22 as COVID-19 emergency hits record

Pandemic restrictions now longer than 2017 wildfire emergency

COVID-19: B.C. too dependent on foreign food production workers

New B.C. job site links unemployed with farm, seafood work

B.C. businesses ‘can’t shoulder burden’ of COVID-19 sick pay

Trudeau’s plan should be tied to federal emergency aid

Another Asian giant ‘murder hornet’ found in Lower Mainland

This is the farthest east the invasive species has been found so far

B.C. girl left temporarily paralyzed by tick bite sparks warning from family

Mom says parents need to check their kids when they go camping

PHOTOS: Loved ones reunite at an oasis on closed U.S.-Canada border in Surrey

Officials closed the park in mid-March over coronavirus concerns

Feds delay national action plan for missing and murdered Indigenous women

Meanwhile, the pandemic has exacerbated the violence facing many Indigenous women and girls

B.C.’s essential grocery, hardware store employees should get pandemic pay: retail group

Only B.C.’s social, health and corrections workers are eligible for top-ups

Most Read