Cutting Debt is a Priority for Canadians

Debt chain photo

CBJ — According to a survey by CIBC, many Canadians are determined to lessen their debt burden in 2018. It was listed as the number one priority for 25% of those who took part in the survey. Even more depressing was 15% saying they want to just be able to pay their bills and get by without going further into debt.

For 13% of respondents they hope to grow their wealth or investments.

Lower on the list of financial goals were saving for a vacation (8%), retirement (7%), or for a house or renovation (6%).

The online survey was conducted Dec. 11 and 12 by Angus Reid Forum, using a statistically weighted sample of 1,524 adults in Canada.

The high level of Canadian household debt has been cited by the Bank of Canada for years as one of its top concerns. THe level of household debt continues to rise, hitting 171% of disposable income in the third quarter.

Despite the good intentions of people looking to ease their debt burdens, just 16% of respondents said they were actually able to do that in 2017.

@CanBizJournal

 

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