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

Comments are closed

Just Posted

What you see …

If you have a recent photo to share email it large or actual-sized to editor@trailtimes.ca

Take BC SPCA’s pledge to keep pets safe this summer

For more info visit the BC SPCA website

Trail affordable housing complex takes shape

Columbia Park will house nine households of various sizes in spring 2021

Reflecting on former Kootenay MLA Ed Conroy’s legacy

Former BC cabinet minister and Kootenay MLA Ed Conroy passed away June 26

Conserving all-Canadian wildlife just one part of the puzzle

“Canada plays a critical role in protecting many of these plants and animals.”

B.C. records 31 new cases, six deaths over three days due to COVID-19

There are 166 active cases in B.C., 16 people in hospital

96-year-old woman scales B.C. butte with help of family, friends

‘I did as I was told and I enjoyed every minute of it’

Parallel crises: How COVID-19 exacerbated B.C.’s drug overdose emergency

Part 1: Officials say isolation, toxic drug supply, CERB, contributing to crisis

Canadians with disabilities disproportionately hit by COVID-19 pandemic

More than four out of 10 British Columbians aged 70 and up have various disabilities

Camping offers a great pandemic escape, for less money than you might think

But for many first-timers, knowing what to bring can be a challenge

Turbulence in Canadian opinion on airlines COVID-19 response: poll

Thousands of people have beseeched Transport Minister Marc Garneau to compel airlines to issue refunds,

Police issue warning after baby comes across suspected drugs in Kamloops park

The 11-month-old girl’s mother posted photos on social media showing a small plastic bag containing a purple substance

Most Read