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

Several Abbotsford schools record COVID-19 exposures in October

Two secondary schools, one middle school and two elementary schools have virus exposure

Fraser Valley Bald Eagle Festival cancelled – for good

Organizers say the event was so popular that too many people were attending to be sustainable

Bateman’s Olafsen commits to Windsor Lancers football program

Timberwolves all-star heading to Ontario in 2021, moving from defence to offence

Apartment fire on Sunday displaces 82 Mission residents

Extensive damage to fifth floor, fire not considered suspicious at this time

FVRD to reopen corporate office on a limited basis

Fraser Valley Regional District visitors will be screened and asked to maintain physical distancing

Police watchdog concludes Mounties didn’t shoot Surrey teen at strip mall

IIO finds tragic death of teenager ‘not the result of any actions or inactions’ by the Surrey RCMP

Canada ‘yet to see’ deaths due to recent COVID surge as cases hit 200,000

Much of the increase in case numbers can be attributed to Ontario and Quebec

Human remains found in recycling bin floating near Vancouver beach

Police asking nearby residents to see if their recycling bin has gone missing

Trial dates set in White Rock manslaughter case

Proceedings against Ross Banner, 71, set for June 2021 in Surrey Provincial Court

Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

Glasgow found not guilty of trying to murder transit cop in Surrey

Transit Police Constable Josh Harms was shot Jan. 30, 2019 at Scott Road SkyTrain Station

Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

B.C. parties pitch costly child care programs in pandemic

B.C. Liberals say they’ll deliver on NDP’s $10-a-day promise for lower-income families

Most Read