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CIBC Poll Finds Repaying Debt A Priority For Canadians

Tara Clow December 30, 2019 12:21 pm Last Updated on February 7, 2026 4:17 pm

A new CIBC poll finds debt repayment is the number one financial priority for Canadians in 2020.

For the tenth consecutive survey, debt has topped the list as a financial priority for Canadians for the new year.

Over 15 hundred Canadians were surveyed earlier this month.

71 per cent of respondents said they held back from borrowing in 2019.

The same amount are concerned about the rising costs of household goods next year, and around 55 per cent are worried about a potential recession in 2020.

Paying down debt was the top priority followed by keeping up with bills and just getting by.

13 per cent planned to grow investments or wealth, and the remainder were saving for a vacation or retirement.

(Photo: CIBC)

Author

Tara Clow

Tara Clow is a multi-award-winning news anchor and reporter with more than 30 years of experience at radio stations across Canada. She is a graduate of the Radio and TV Arts program at Toronto Metropolitan University and the Humber College radio broadcasting program. She is based in Moncton and covers stories across Canada. Contact Tara at clow.tara@radioabl.ca.