Reducing debt, topping priority list for most Canadians!

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.

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