A new poll from CIBC finds that paying down debt is once again the top financial priority for Canadians in 2017, the seventh straight year that debt concerns have headlined the annual survey. Coming in at nearly 30 per cent, prioritizing debt repayment is at its highest level since 2010.
According to the latest data from Statistics Canada however, household debt, including mortgages, rose to a record 166.9 per cent of after-tax income in the third quarter, with debt loads rising faster than disposable income.
The findings also revealed that just over half of Canadians surveyed (52 per cent) plan to reduce their spending on non-essential items to meet their 2017 financial goals. Yet, only a quarter (26 per cent) will actually set a household budget, and fewer still (12 per cent) will meet with a financial advisor to get professional advice on how to reduce their debt and meet their financial obligations.
For years Canadians have continued to say that paying down debt is a top priority while continuing to pile on debt in record amounts!
It appears that Canadian consumers continue to operate in a world of rainbows and unicorns governing themselves with the life philosophy of, “I want to do right, just not right now.”