HOUSEHOLDS FOCUS ON FIXING FINANCES, SURVEY FINDS

Canadian households are preoccupied with shoring up their finances this year, says a new survey, a thriftiness that could be a drag on the recovery. In the poll conducted by Nanos Research Group for Bloomberg News, 39 per cent said their top financial priority will be to pay down debt, while 37 per cent said it would be to keep extra money in their savings account. About 13 per cent said their top priority is to make a major investment, such as in real estate or the stock market. The extent to which households will use up an unexpected accumulation of savings is one of the key unknowns in coming months. Amid a massive downturn last year, Canadians became significantly better off financially because of income support payments from the government, surging real estate prices and stock market gains.