Canadians resolve to pay down debt: poll
Posted January 2, 2013 10:16 am.
This article is more than 5 years old.
VANCOUVER (NEWS1130) – Saving for retirement? How about paying down some debt first?
A Harris-Decima poll done for CIBC suggests paying down debt has once again beat out retirement savings as the top financial new year’s resolution.
However, this year marks the first time building a nest egg has not been among the top three priorities.
Scott Hannah with the Credit Counselling Society points out when it comes to debt, actions still speak louder than words. “We increased our debt load last year. So, while we say we want to do this, at this point in time, it’s still a hope, it’s not a plan [and] we’ve got to change that.”
Hannah recommends being realistic about your financial goals.
“We’ve got to have a plan; make sure it’s reasonable so that while we’re going through this and reducing our debt, we’re learning how to save, we’re living within our means, and it’s manageable.”
The survey also suggests just under half of those asked had met with a financial advisor in the last year, though only six per cent say the topic of debt management came up.
“Building Savings” and “Managing Day to Day Spending and Budgeting” round out the top three in the survey, while retirement planning came in fourth.
