Canada NewsWire
TORONTO, Dec. 30, 2019
Economic concerns weighing on the minds of many heading into the new year
TORONTO, Dec. 30, 2019 /CNW/ - A new CIBC poll finds debt repayment is the number one financial priority for Canadians in 2020, the tenth consecutive year it has topped this annual survey. With getting out of the red top-of-mind, over two-thirds (71 per cent) of respondents say they held back from borrowing more money in 2019.
The survey also found that 71 per cent are concerned about the rising costs of household goods next year. Half (55 per cent) of respondents agree they are worried about a potential recession in 2020.
"Whether it's daily household items or unexpected events, expenses can fluctuate for reasons that are often outside of our control. The best way to buffer against uncertainties is to have a financial plan," said Jamie Golombek, Managing Director, CIBC Financial Planning and Advice. "A financial expert can help prioritize your needs and prepare for potential economic changes to keep you on track to make your ambitions a reality."
While 78 per cent of those surveyed feel it is better to pay down debt than build savings, 33 per cent worry they are forsaking building a nest egg by focusing too much on paying back money owed. Canadians are aware there is room for improvement, with 60 per cent agreeing there are likely better ways to manage their money to meet financial goals.
"Debt repayment doesn't need to be worrisome; it needs to be managed. 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," added Mr. Golombek.
Mr. Golombek shares tips to better manage your finances in 2020:
Key poll findings:
About CIBC
CIBC is a leading Canadian-based global financial institution with 10 million personal banking, business, public sector and institutional clients. Across Personal and Small Business Banking, Commercial Banking and Wealth Management, and Capital Markets businesses, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world. Ongoing news releases and more information about CIBC can be found at www.cibc.com/en/about-cibc/media-centre.html.
Disclaimer:
From December 6th to December 8th 2019 an online survey of 1,515 randomly selected Canadian adults who are Maru Voice Canada panelists was executed by Maru/Blue. For comparison purposes, a probability sample of this size has an estimated margin of error (which measures sampling variability) of +/- 2.5%, 19 times out of 20. The results have been weighted by education, age, gender and region (and in Quebec, language) to match the population, according to Census data. This is to ensure the sample is representative of the entire adult population of Canada. Discrepancies in or between totals are due to rounding.
SOURCE CIBC
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