Paying down debt remains the top priority for Canadians in 2014, according to a CIBC poll by Harris/Decima.
“For the fourth year in a row, Canadians have told us their top financial priority is paying down their debt as we enter a new year,” says Christina Kramer, executive vice-president, retail distribution and channel strategy, with CIBC.
The top five financial priorities for Canadians this year are paying down debt (16%), building savings (11%), managing day-to-day spending/budgeting (8%), paying bills/getting by (8%) and retirement planning (7%).
The results also show a continued trend toward short-term financial goals and issues becoming more important to Canadians, while longer-term goals (including retirement planning) have dropped in the rankings.
While retirement planning was named by 13% of Canadians as their top financial priority entering 2011, it’s now at 7%.
In terms of age, retirement planning is more important for older Canadians, and paying down debt is a higher priority for younger Canadians.
| Age bracket | Paying down debt |
Building savings |
Managing spending |
Paying bills /getting by |
Retirement planning |
| National | 16% | 11% | 8% | 8% | 7% |
| 18–24 | 21% | 15% | 8% | 3% | 1% |
| 25–34 | 20% | 16% | 7% | 4% | 2% |
| 35–44 | 26% | 14% | 6% | 8% | 6% |
| 45–54 | 16% | 9% | 6% | 8% | 12% |
| 55–64 | 14% | 6% | 9% | 10% | 10% |
| 65+ | 4% | 5% | 14% | 11% | 6% |
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