Close X
Sunday, November 24, 2024
ADVT 
National

Debt Reduction Remains High Priority, Ahead Of Investments And Savings: CIBC

The Canadian Press, 28 Dec, 2017 10:46 AM
    TORONTO — Canadians are keen to lighten their debt loads in 2018, according to an annual opinion survey conducted for CIBC. 
     
    The Toronto-based bank says debt reduction or elimination was the top priority for 25 per cent of the poll respondents.
     
    Paying bills or just getting by were the top goals for about 15 per cent of respondents.
     
    By comparison, 13 per cent said their top priority was growing wealth or investments.
     
    Lower on the list of financial goals were saving for a vacation (eight per cent), retirement (seven per cent), or for a house or renovation (six per cent).
     
    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.
     
    But the level of household debt continues to rise, hitting 171.1 per cent of disposable income in the third quarter.
     
    That means that for every dollar of household disposable income there was $1.71 in credit market debt, which includes consumer credit and mortgage and non-mortgage loans.
     
     
    Bank of Canada governor Stephen Poloz said in a speech two weeks ago that high debt levels are one of the things that keeps him awake at night because they make the economy as a whole more sensitive to higher interest rates.
     
    According to the CIBC, debt reduction has also been the top priority in its annual poll for eight consecutive years.
     
    But only 16 per cent of the respondents in this year's poll said they actually achieved their top financial goal in 2017.
     
    And 26 per cent said they took on new debt this year, with the top two reasons being the need to manage day-to-day expenses and unexpected financial emergencies.
     
    Jennifer Hubbard, CIBC's managing director of financial planning and advice, said everybody knows how hard it is to keep New Year's resolutions.
     
    "That's why when it comes to your finances you want to set smart goals that are specific, measurable, achievable, time-bound, and most importantly, realistic."
     
    The polling industry's professional body, the Marketing Research and Intelligence Association, says online surveys cannot be assigned a margin of error because they do not randomly sample the population.

    MORE National ARTICLES

    Justin Trudeau, Andrew Scheer Put Families On Their Christmas Cards

    Justin Trudeau, Andrew Scheer Put Families On Their Christmas Cards
    Prime Minister Justin Trudeau and Conservative Leader Andrew Scheer are going with a family theme on their Christmas — or holiday — cards this year.

    Justin Trudeau, Andrew Scheer Put Families On Their Christmas Cards

    Officials Separate Couple After 73 Years: 'I Listened To My Mother Weep'

    Officials Separate Couple After 73 Years: 'I Listened To My Mother Weep'
    Herbert and Audrey Goodine gave each other a peck on the lips and said goodbye Monday, moments before Herbert was driven to a new care residence about 45 minutes away.

    Officials Separate Couple After 73 Years: 'I Listened To My Mother Weep'

    Synagogues In Four Cities Receive Anti-Semitic Hate Mail

    Synagogues In Four Cities Receive Anti-Semitic Hate Mail
    MONTREAL — B'nai Brith Canada says at least five synagogues across the country have received anti-Semitic hate mail.

    Synagogues In Four Cities Receive Anti-Semitic Hate Mail

    Latest Stats Show Illegal Border Crossings Continued To Decline In November

    Latest Stats Show Illegal Border Crossings Continued To Decline In November
    OTTAWA — A decision by the Trump administration to yank protected status for thousands of Haitians doesn't appear to have prompted a new surge of asylum seekers at the Canada-U.S. border.

    Latest Stats Show Illegal Border Crossings Continued To Decline In November

    Bad Weather Sets Off B.C. Highway Crashes, Sending Four To Hospital

    Bad Weather Sets Off B.C. Highway Crashes, Sending Four To Hospital
     Four people were taken to hospital after a series of collisions on Highway 5 south of Merritt, B.C., as weather conditions deteriorate on the route.

    Bad Weather Sets Off B.C. Highway Crashes, Sending Four To Hospital

    Former B.C. Fire Chief Found Not Guilty Of Sexually Assaulting Volunteers

    Former B.C. Fire Chief Found Not Guilty Of Sexually Assaulting Volunteers
    The jury reached the verdicts Saturday in the case of Robert Harold Bennett after deliberating for 3 1/2 days at the courthouse in Prince George.

    Former B.C. Fire Chief Found Not Guilty Of Sexually Assaulting Volunteers