Paying down debt top priority for Canadians: Poll

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Paying down debt top priority for Canadians: Poll

POSTMEDIA NEWS DECEMBER 28, 2011 6:27 AM

More Canadians are vowing to make debt repayment their No. 1 priority in 2012, according to a new survey.

Facing record levels of debt, Canadians are vowing that getting back in the black is their top financial priority for the new year, according to a new survey.

The poll, conducted for CIBC, found a greater number of respondents saying they're focused on debt-repayment than a similar survey last year.

It follows recent warnings from the Bank of Canada that Canadian households are continuing to borrow more than they can afford.

It also comes on the heels of Statistics Canada data earlier this month that showed the ratio of credit market debt to personal disposable income hit a record high of 150.8 per cent in the third quarter of 2011.

"More Canadians are recognizing the importance of managing debt as a component of their overall financial plan," said Christina Kramer, an executive vice-president with CIBC, in a statement released with Wednesday's survey.

"Canadians are also increasingly seeing the connection between good management of their day-to-day budget and their longer-term financial goals, recognizing that taking smaller steps today as part of a plan can lead to significant benefits down the road."

The top three financial priorities for Canadians were paying down debt (17 per cent, up from 14 per cent a year earlier), budgeting (14 per cent) and retirement planning (11 per cent).
Debt repayment was especially a priority for those age 25 to 44, with 23 per cent of respondents in the age group saying it's their top financial priority.

For those a little older — ages 45 to 64 — 20 per cent cited retirement planning as their top financial priority at the moment, followed by paying down debt, at 16 per cent.
The poll, conducted Nov. 10 to 21 by Harris/Decima, surveyed 2,015 Canadians.
Its stated margin of error is 2.2 percentage points, 19 times out of 20.

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At Synergy Debt Group, we make it possible for our customers to achieve their financial
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