Paying down debts the top priority for Canadians this year - study.
Amid growing household debt and the possibility of more increases in interest rates, settling debts remains the top financial priority for Canadian consumers in 2018, according to the latest poll conducted by CIBC. This represented the eighth consecutive year that paying off existing debts has topped the list in the annual survey. The CIBC study also found that other priorities are increasing in importance over more immediate financial concerns. “While debt repayment is still the number one priority, Canadians recognize that it’s just as important to focus on building savings and growing your nest egg,” CIBC managing director for financial planning and advice Jennifer Hubbard said. “With inflation outpacing average earnings and the risk of outliving our assets, it’s essential to set out your short- and long-term financial goals in a comprehensive financial plan that strikes the right balance between paying down debt and growing savings,” Hubbard added.
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