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 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

An individual experiencing homelessness stands on Leon Avenue in downtown Kelowna after receiving supplies from the Gospel Mission outreach team. (Phil McLachlan - Capital News)
New City of Kelowna shelter strategy in the works

The community shelter plan will be based on four core principles: choice, healing, community and safety

A fire at the TD Canada Trust bank in Lake Country overnight closed the branch down Tuesday, March 2. (Lake Country Fire Department)
Suspicious fire closes Lake Country bank

RCMP investigating overnight blaze at ATM

The Okanagan Indian Band fire department has identified Jason Graham (middle) as the victim of a fatal vehicle accident in Spallumcheen Saturday, Feb. 26, 2021. (Contributed)
Vernon man dies in Corkscrew Road crash

The 48-year-old man’s vehicle went off-road on Corksrew Road Saturday night

(Pixabay)
New program helps Central Okanagan non-profits grow

The program will help organizations develop stronger management and resources, among others

The City of Vernon was awarded a $44,000 federal grant from the Municipal Asset Management Program to complete a digital pavement condition assessment for the city’s road network. (Google Maps)
$44K federal grant will help Vernon prioritize roadwork

Funding will go towards completing a digital pavement condition assessment

Langley resident Carrie MacKay shared a video showing how stairs are a challenge after spending weeks in hospital battling COVID-19 (Special to Langley Advance Times)
VIDEO: Stairs a challenge for B.C. woman who chronicled COVID-19 battle

‘I can now walk for six (to) 10 minutes a day’

Nanaimo RCMP are looking for a suspect who smashed the window of an adult toy store and made off with more than $1,200 in merchandise. (File photo)
Vancouver Island sex shop out $1,200 in merchandise after suspect steals ‘colossal’ product

Suspect smashed window of Nanaimo store, cutting himself in the process

Riverside Calvary Church in Walnut Grove. (Langley Advance Times file)
B.C. is ‘stereotyping’ churches as riskier for COVID than other spaces, lawyer argues

Judge said that freedom of expression, religion are not at issue in the case

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
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. Premier Gordon Campbell gets acquainted with Tsawwassen First Nation Chief Kim Baird’s 10-month-old daughter Sophia, husband Steve and four-year-old Amy at the B.C. legislature before a ceremony to endorse the Tsawwassen Treaty, Oct. 15, 2007. (Sharon Tiffin/Black Press)
Indigenous consent comes first and last for B.C. industrial projects

Environment minister can still approve permits without consent

Join Black Press Media and Do Some Good
Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

In this photo taken in 2014, a Fisheries officer displays a chinook salmon that has been snagged - an illegal method of catching fish that involves hooking them, often in the belly or tail or fins. They often get away but the injuries can lead to death or the inability of a female fish to spawn. (DFO photo)
Shuswap man gets more penalties after breaking fishing prohibition

Ashton Creek man gets second prohibition after catching chinook illegally in Shuswap River in 2014

Pathways Addictions Centre is in jeopardy of closing after Interior Health has pulled all its funding and will be taking over addiction services ‘in house’ as up May 31. (Facebook)
Future of South Okanagan community’s addictions centre in jeopardy after Interior Health pulls funding

Pathways has been in Penticton for over 20 years and has 10 staff, serving around 1,000 people

B.C.’s court of appeal in Vancouver. (File photo: Tom Zytaruk)
Kootenay man appeals 7-year conviction for New Year’s Eve kidnapping, beating

Brandon Coons, 27, was convicted on five charges, including assault with a weapon

Most Read