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

(BLACK PRESS FILE PHOTO)
Nanaimo man killed in Highway 4 crash

RCMP say dirt bike turned ‘suddenly’ into traffic

Subject to successful grant funding, the City of Parksville will enter into an agreement with the Boys and Girls Clubs of Central Vancouver Island to operate a full complement of child, youth and family community services at the Parksville Community Centre in 2021. (BGCCVI photo)
City of Parksville to work with Boys and Girls Clubs of Central Vancouver Island

Mayor: “There is a critical shortage of childcare spaces in Parksville”

Provincial health officer Dr. Bonnie Henry presents modelling of COVID-19 spread in B.C., March 25, 2020. (B.C. government photo)
B.C. sets another COVID-19 record with 203 new cases

up to 1,766 active cases in B.C., two more deaths

École de L’Anse-au-sable. (Google Maps)
B.C. records first COVID-19 outbreak at school, six weeks after students return to class

Three cases of the virus have been identified at École de L’Anse-au-sable

Green Party leader Sonia Furstenau is seen as she leaves media event during a campaign stop in West Vancouver, B.C., Tuesday, October 20, 2020. THE CANADIAN PRESS/Jonathan Hayward
B.C. Green leader hopes voters see value in minority government

The Greens received nearly 17 per cent of the popular vote in 2017 yet received just three seats

Local candidates Pam Alexis, Abbotsford-Mission, and Preet Rai, Abbotsford-West, look on as NDP Leader John Horgan main streets in Abbotsford, B.C., Wednesday, October 21, 2020. THE CANADIAN PRESS/Jonathan Hayward
B.C. NDP takes snap election risk during pandemic in quest for majority government

Green Leader Sonia Furstenau said the election was unnecessary and irresponsible during the pandemic

Liberal Leader Andrew Wilkinson speaks during a drive-in car rally campaign stop at a tour bus operator, in Delta, B.C., on October 17, 2020. THE CANADIAN PRESS/Darryl Dyck
B.C. Liberal Leader maintains confidence as campaign tests party identity

Liberal campaign has been disrupted by controversy

Nanaimo RCMP arrest man with axe in downtown park. (File photo)
Man seen with axe at Nanaimo park, numerous RCMP officers respond

Incident happened Friday evening at Maffeo Sutton Park

RCMP. (Phil McLachlan - Black Press Media)
British Columbia man dies during ski trip near glacier west of Calgary

Kananaskis Public Safety and Alpine Helicopters responded around 2:30 p.m.

Prime Minister Justin Trudeau arrives on Parliament Hill in Ottawa on Monday, Oct. 19, 2020, following a week-long break for the House of Commons. THE CANADIAN PRESS/Sean Kilpatrick
One crisis after another for Trudeau since last federal election one year ago

It has been a year of unprecedented calamity and crisis

Members of the Sipekne’katik First Nation load lobster traps on the wharf in Saulnierville, N.S., after launching its own self-regulated fishery on Thursday, Sept. 17, 2020. THE CANADIAN PRESS/Andrew Vaughan
Vancouver Island First Nations back Nova Scotia’s Indigenous lobster fishermen

Nuu-chah-nulth Tribal Council calls for action before lives are lost

Most Read