Dec 30, 2019
By Jane Brown
As we get ready to ring in a new year, a new poll finds debt repayment once again, is the number one financial priority for Canadians in 2020.
In fact, it’s the tenth consecutive year that debt repayment has topped the annual CIBC survey.
The poll also found that more than 70 percent of Canadians are concerned about the rising costs of household goods next year. And 55 percent of respondents agree they are worried about a potential recession in 2020.
While close to 80 percent of those surveyed feel it’s better to pay down debt than build savings, 33 percent worry they are forsaking building a nest egg by focusing too much on paying back money owed.
Jamie Golombek is with CIBC Financial Planning and Advice. He says debt repayment doesn’t need to be worrisome, it needs to be managed. But, he says, it shouldn’t come at the expense of savings. Golombek suggests 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.