CIBC published the results of its 5th annual poll of Canadians and their financial priorities.
Debt Repayment topped the list of priorities once again but grew from 16% last year to 22% this year as the top priority.
The poll identified the following as their top financial priorities for the year ahead:
- Paying Down Debt – 22%
- Building Savings – 12%
- Paying Bills / Getting By – 10%
- Managing Day-today Spending / Budgeting – 9%
- Retirement Planning – 5%
Some advice on delivering on financial priorities:
Talk to an advisor – it can help you make progress on paying down debt by looking at your overall financial picture
Recognize that your finances are all connected – Making progress on one aspect of your financial goals can lead to an opportunity to improve in others.
Don’t lose sight of the longer term – Keep future goals such as being mortgage free and retirement in sight
Stick to your plan – Once you have a plan in place, stick to it. If you fall off track, get back to your plan as soon as possible and keep making progress towards your goal.
Original Article: www.mcap.com