Burden Of Debt A Worry For Many Canadians

CIBC poll found one in four Canadians said paying off debt is more important than building their savings

The burden of debt is top of mind for many Canadians heading into a new year.

A year-end CIBC poll found one in four Canadians said addressing debt is more important than building their savings.

71 per cent of people who took part in the survey said the rising costs of household goods going into 2020 was a worry and about 55 per cent say they fear a potential recession in the new year.

For the 10th straight year of the CIBC survey, debt repayment topped the list of concerns.

Besides keeping up with the bills, we also want to grow investments and save for vacation or retirement.

60 per cent of Canadians admitted they could do a better job of managing their finances.

The online poll conducted between Dec. 6 and 8 gathered responses from 1,515 Canadian adults.