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.
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.”
Full story here: http://winnipeg.ctvnews.ca/debt-reduction-tops-list-of-financial-priorities-for-6th-straight-year-poll-1.2718848