For the third year in a row, Canadians have identified debt repayment as their top financial priority, according to the results of an annual CIBC poll released this morning.
The results show that building savings and managing day-to-day spending round out the top three responses. Retirement planning has slipped from third to fourth place.
“These results highlight that Canadians are well aware of the importance of good debt management and remain focused on reducing debt in the year ahead,” said Christina Kramer, executive vice-president of retail distribution and channel strategy for CIBC.
“Having been named the top priority three years in a row, there is an opportunity for more Canadians to turn awareness of debt management into action and outline some clear steps towards paying down their debt in 2013.”
British Columbians’ priorities run very similar to those in the rest of the country, with the survey results showing their top three priorities to be:
- paying down debt – 17% (nationally: 17%);
- building savings – 14% (10%); and
- managing day-to-day spending – 9% (8%).
