Paying down debt will be a New Year’s resolution for a growing number of Canadians, according to an annual poll by CIBC.
Twenty-two per cent of respondents said paying off what they owe is their top priority for 2015, up from 16% last year. Debt repayment has been cited as the top financial priority in CIBC’s annual survey for five years in a row.
After paying down debt, 12% of respondents said building savings will be their top priority for 2015. In all, 10% said paying bills or getting by will be at the top of their to-do list, while budgeting or managing day-to-day spending was most important to 9% of those polled.
Canadians’ daily financial concerns take precedence over planning for the future, according to the poll. Retirement planning was a top priority for just 5% of respondents, down 2% from last year’s poll. CIBC says that’s a worrying trend.
The poll found that debt repayment is becoming more of a priority for those getting close to retirement. In all, 25% of respondents aged 55 to 64 said debt repayment was their top goal in the coming year, up from 14% in 2014.
