It seems that Canadians top financial resolution for 2020 is to get out of debt.
A poll by bank CIBC found that 21% of Canadians put debt repayment as their top financial priority followed by keeping up with bills (18%) and growing their wealth (13%). The poll found saving for retirement to be the lowest priority for Canadians heading into 2020, with only 8% of respondents selecting that it as their top focus.
As interest rates remained unchanged in 2019, more than one-quarter of Canadians (28%) said they borrowed more over the last year, mostly to cover daily expenses. However, most Canadians surveyed (78%) believe it’s better to pay down debt than build savings, while 33% worry they are putting too much focus on debt repayments.
With interest rates expected to remain at historic lows in 2020, Canadians’ biggest worries heading into the New Year include the cost of household goods (71%) the weak loonie (30%), low wages (29%) and household debt (26%). More than half of respondents (55%) are also concerned about a potential recession in the year ahead.
CIBC surveyed 1,515 randomly selected Canadian adults online between December 6 to December 8. A probability sample of this size has an estimated margin of error of plus or minus 2.5%, 19 times out of 20.