Whatever retirement plans Canada’s boomers have made, paying down debt doesn’t seem to be at the top of the list.
A CIBC/Harris-Decima poll reveals that 46 per cent of boomers are still working to pay off their mortgage, while 75 per cent still hold some form of debt. This, despite an earlier poll in which boomers identified planning for their retirement as their top financial priority for the year.
Surprisingly, the lack of debt reduction has not resulted in increased savings. According to a recent CIBC poll, almost 30 per cent of boomers felt they were doing a poor job of building their savings so far in 2011. This is likely due to the fact that among boomers with debt, only 21 per cent have spoken with an adviser sometime in the last year about strategies to reduce their debt faster.