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

Creston Fire Rescue Report: nine calls between Aug. 1 and 6

On Aug. 2, the CFR team and Wynndel Lakeview Fire Department (WLFD) were dispatched to the area of Highway 3A in Sirdar for a two-vehicle motorcycle incident

July Kootenay real estate sales at record high

Sales and prices of Kootenay real estate on the rise

Creston Valley Hospital addresses COVID-19 rumours regarding farms

‘Not one seasonal worker in Creston has tested positive for COVID-19,’ said Dr. Nerine Kleinhans

Creston ‘bunker’ receives a mural facelift thanks to local artist, Calgary painters

The marsh landscape mural was brought to life by Calgary’s Daniel J. Kirk and Lane Shordee, who sought to honour the area’s original terrain.

Creston Save-On-Foods prevented more than 100,00 kg of food from going to waste

Since May 2019, the grocery store has also helped to provide 127,196 meals to residents

VIDEO: U.S. Air Force pilot does fly-by for B.C. son amid COVID border separation

Sky-high father-son visit plays out over White Rock Pier

B.C. wildfire crews have battled 111 blazes in the last seven days

Twenty-nine fires remain active, as of Friday (Aug 7)

‘We don’t make the rules’: Okanagan pub owner says staff harassed over pandemic precautions

‘If you have six people plus a baby, guess what? That’s seven’ - West Kelowna Kelly O’Bryan’s owner

T-Rex earns big bids at B.C. dino auction

Over 500 dino-themed lots sold to buyers from across North America

Remembering Brent Carver: A legend of Broadway who kept his B.C. roots strong

Over the years, the Cranbrook thespian earned his place as one of Canada’s greatest actors

Statistics Canada says country gained 419,000 jobs in July

National unemployment rate was 10.9 per cent in July, down from the 12.3 per cent recorded in June

Canada plans $3.6 billion in retaliatory tariffs on U.S. in aluminium dispute

The new Canada-United States-Mexico Agreement that replaced NAFTA went into force on July 1

Canada ‘profoundly concerned’ over China death sentence for citizen in drug case

Police later confiscated more than 120 kilograms of the drug from Xu Weihong’s home

Smoker Farms bringing craft-style cannabis to Beaverdell

Husband-wife team growing small-scale cultivations of marijuana

Most Read