Home Breadcrumb caret Industry News Breadcrumb caret Industry Survey reveals Canadians’ top financial goals for 2020 CIBC reports that paying down debt is at the top of Canadians’ to-do lists for the 10th straight year By Maddie Johnson | January 2, 2020 | Last updated on January 2, 2020 1 min read © Cathy Yeulet / 123RF Stock Photo For the 10th consecutive year, debt repayment is the top financial priority for Canadians, according to a recent poll commissioned by CIBC. Paying down debt was the highest priority for 21% of respondents, followed by keeping up with bills (18%), growing investments or wealth (13%), saving for a vacation (8%) and saving for retirement (8%). Focused on getting out of the red, more than two-thirds of respondents (71%) said they held back from borrowing money in 2019. Most respondents were more concerned about paying down debt than building up savings. Over three quarters (78%) said they feel it’s better to pay off debt, while 33% were worried about the consequences debt repayment would have on their savings. Only 32% of Canadians said they felt confident about their financial situation, down from 41% in last year’s survey. Additionally, the survey found that 71% of Canadians were worried about the rising costs of household goods. More than half of respondents (55%) were concerned about a potential recession in 2020. Other concerns included the low Canadian dollar (30%), low wages and a lack of growth (29%) and household debt (26%). Maru/Blue executed the poll for CIBC, surveying 1,515 randomly selected Canadians from Dec. 6 to Dec. 8, 2019. A probability sample of this size has a margin of error within plus or minus 2.5 percentage points, 19 times out of 20. Maddie Johnson Maddie is a freelance writer and editor who has been reporting for Advisor.ca since 2019. Save Stroke 1 Print Group 8 Share LI logo