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

Missing man thought to be in Nanaimo

Nanaimo RCMP ask for public’s help in locating Kevin Golze, 45

School district reveals restart plans for Nanaimo-Ladysmith

K-5 students will see two days of instruction a week, 6-12 students once a week

Nanaimo painter inspired by medieval animal illustrations in new exhibition

Yvonne Vander Kooi to unveil ‘Bestiary’ via Gallery Merrick live-stream

Walk for Alzheimer’s will physically distance online this year

Nanaimo invited to take part in fundraiser for Alzheimer Society of B.C.

LETTERS TO THE EDITOR: Community policing office’s closure will impact safety in the area

Strong police and bylaw presence needed in neighbourhood, say letter writers

Only four new COVID-19 cases, 228 active across B.C.

Health officials watching as activities ramp up

Trudeau acknowledges racial unrest in U.S.; ‘We also have work to do in Canada’

‘Anti-black racism, racism, is real; it’s in the United States, but it’s also in Canada,’ Trudeau says

RDN Transit to see rollout of 15 new HandyDart buses

Buses will have temporary protective barriers installed to prevent spread of COVID-19

United Way distributes $120,000 in federal funding to seniors in need during pandemic

Salvation Army, Eden Gardens, hospice society among groups granted money

Facing changes together: Your community, your journalists

The COVID-19 pandemic has changed the world in ways that would have… Continue reading

Beefs & Bouquets, May 27

To submit a beef or a bouquet to the Nanaimo News Bulletin, e-mail editor@nanaimobulletin.com

Stepdad able to walk bride down the aisle days before he passes away

Ceremony held amidst pandemic in order to fulfill bride’s wish to have stepdad give her away

State of Local Emergency declared for Boundary as communities brace for river flooding

Warm weather and heavy rain could cause sections of Kettle River system to swell beyond 2018 levels

Large cruise ships barred from Canadian waters until end of October: Garneau

Last year 140 cruise ships brought more than two million visitors to Canadian ports

Most Read