Reducing debt tops list of financial priorities: poll

18% said keeping up with bills is a top concern

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Online only.

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TORONTO – Paying down debt remains the top financial priority of Canadians, but it’s a goal many appear to be having difficulty meeting, according to a new poll conducted for CIBC (TSX:CM).

The poll found that 26 per cent of respondents named debt reduction as their key financial goal for 2016, the sixth straight year it has topped the list.

Keeping up with bills/getting by came in second, cited as the main priority of 18 per cent of respondents.

Got extra cash? Your mortgage can wait »

CIBC executive vice-president Christina Kramer says the fact debt reduction has remained atop the list for so long, coupled with studies showing household debt remains at record highs, indicates many Canadians are not making the headway they desire.

“It’s not just first-time homebuyers, younger Canadians, or those impacted by shifts in the economy, such as a downturn in the oilpatch, who are focused on cutting down their debt,” Kramer said.

“Canadians across the country are telling us that reducing the burden of debt, along with keeping up with their bills, is what they are focused on.”

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In addition to paying down debt and keeping up with bills, priorities named by others included: saving for retirement or for travel or a vacation (eight per cent apiece); adding to their investment portfolio (seven per cent), saving to buy or renovate a house (six per cent); purchase a car or build an emergency fund (four per cent apiece) and saving for their children’s education (two per cent).

Fully 11 per cent didn’t have a financial priority, while three per cent named other priorities.

The online survey or 1,508 Angus Reid Forum panellists was conducted Dec. 7-8. The polling industry’s professional body, the Marketing Research and Intelligence Association, says online surveys cannot be assigned a margin of error because they do not randomly sample the population.

One comment on “Reducing debt tops list of financial priorities: poll

  1. Canadians are a joke! They don’t care about their debts and their three choices for those that run our country, province, city, Canada, Ontario, Toronto is just a reflection of how they are shooting themselves in their foot financially and for their family’s futures.

    You all will get more poor and you can’t change that and actually did the opposite and helped yourselves get more poor. What a sad society Canada and Canadians have become. This is why for these reasons.

    A house or condo you live in is not an investment. Low interest rates and falling interest rates have increased your cost of a house by 200% to 300% so you did not save anything. You just prepaid you mortgage interest.

    Primary residences will not continue to be capital gains tax free for long so begin to pony up tens to hundreds of thousands of dollars in the future. Don’t be surprised for more doubling of property taxes, electricity, water bills, heating bills, home insurance bills, condo fees over the next 10 to 11 years.

    Reverse mortgages which is another form of debt is becoming very popular because of high consumer and non consumer debt for seniors, retirees that over extended themselves all their lives. By the way, 5%+ for reverse mortgage rates are not low plus all the fees fill cost double in 10 to 11 years. Low mortgage rates not for you guys.

    Reply

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