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

6.5-magnitude earthquake in Idaho shakes the Kootenays

An earthquake was reportedly felt just before 5 p.m. throughout parts of B.C. and Alberta

Elkford shuts down emergency department

Elkford residents requiring emergency care are now to visit Fernie and Sparwood’s health centres

Sparwood welcomes new director of planning and development

Schaun Goodeve will be joining the District of Sparwood in his new position

District confirms case of COVID-19 in Elkford

Post to District’s Facebook page Monday informed residents of COVID-19 reported in community

Local artists struggle due to cancelled shows and closed shops

Creatives everywhere are in search of alternative ways to keep their content going

B.C. records five new COVID-19 deaths, ‘zero chance’ life will return to normal in April

Province continue to have a recovery rate of about 50 per cent

John Horgan extends B.C.’s state of emergency for COVID-19

Premier urges everyone to follow Dr. Bonnie Henry’s advice

B.C.’s first community COVID-19 death was dentist ‘dedicated’ to health: lawyer

Vincent was 64 when he died on March 22 after attending the Pacific Dental Conference

Two inmates at prison housing Robert Pickton test positive for COVID-19

Correctional Service of Canada did not release any details on the identities of the inmates

COVID-19 case confirmed at restaurant in Cache Creek: Interior Health

Customers who visited the site from March 25 to 27 are asked to self-isolate

BC SPCA launches matching campaign to help vulnerable animals after big donations

Two BC SPCA donors have offered up to $65,000 in matching donations

First COVID-19 outbreak in Interior Health identified at Okanagan agricultural business; 14 cases confirmed

75 workers are in isolation — 63 migrant workers and 12 local workers

Quarantined B.C. mom say pandemic has put special-needs families in ‘crisis mode’

Surrey’s Christine Williams shares family’s challenges, strengths

Anti-tax group calls for MPs, senators to donate scheduled pay raises to charity

Bill C-30, adopted 15 years ago, mandates the salary and allowance increases each calendar year

Most Read