Paying down debt Canadians’ priority, poll fi nds
TORONTO — Paying down debt remains the top financial priority of Canadians, although a new poll says slightly fewer have made it their top pick compared with the previous two years.
The poll, conducted for CIBC by Harris/ Decima, found that 16 per cent of respondents said lowering debt was their No. 1 priority for 2014.
That was down one percentage point from 17 per cent in 2013 and in 2012.
However, it was five percentage points better than the 11 per cent who said they would focus on building savings, up slightly from 10 per cent over the last several years.
Next in order of importance were managing daytoday spending and getting current bills paid, both selected by eight per cent of respondents.
Retirement planning was the top focus of seven per cent of those surveyed, the same as last year but down from 11 per cent in 2012.
“While the intent to reduce debt is clear, we also know that some Canadians are not yet making the progress they want to on reducing their overall debt levels, which speaks to the importance of having a clear plan in place to reach your goals in 2014,” said Christina Kramer, executive vice- president, retail distribution and channel strategy at CIBC.
Among other findings, the poll revealed that less than half ( 47 per cent) of Canadians surveyed said they had met with a financial adviser in the last year.