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

Pair of local rinks take Town and Country titles

Ponoka Curling Club’s Town and Country bonspiel held Jan. 21-25

Four more arrested in Ponoka RCMP battle against drugs

Several individuals known to police facing more charges

Ponoka Police Advisory Committee information night sees good turnout

Information night was held Jan. 20 in town council chambers

2019 Ponoka Festival of Trees meets $100,000 goal

Ponoka hospital will begin purchasing heart monitoring cubes

Supporting a friend with mental health issues

AHS: Do you have a friend who just doesn’t seem to be their usual self?

Feds preparing plane to fly Canadians out of Wuhan, once China gives OK

160 Canadians have asked for help to leave province at centre of coronavirus outbreak

60% of Canadian workers would take a pay cut for better mental health support: survey

Survey found 77% of workers would leave for better wellness initiatives

Review of Alberta school curriculum urges focus on basic learning, standardized tests

Panel also recommends social studies include importance of natural resources to province’s economy

Air Canada cancels select flights to China as coronavirus spreads

Canada’s largest airline runs 33 flights a week to China

Canadians seek way out of Wuhan as coronavirus continues to spread

The Chinese government has cut off access to Wuhan and 16 other cities

Landowner hearings begin for Trans Mountain expansion in Alberta

Detailed route talks start in Spruce Grove, in B.C. communities soon

UPDATE: Sylvan Lake RCMP say missing female located

19-year-old Alyssa Manderville was last seen in Blackfalds on Jan. 26

Ryan Jake Applegarth, 27, charged with First Degree Murder

RCMP Major Crimes Unit seeking male wanted on first degree murder charge

Watch out for scams, clickbait in the wake of Kobe Bryant’s death: Better Business Bureau

Kobe Bryant and his daughter were killed in a helicopter crash near Los Angeles

Most Read