Paying down debt a priority for Albertans
Posted Jan 6, 2011 11:29 am.
This article is more than 5 years old.
In a survey conducted in the fall, CIBC asked Canadians to list their current financial priorities, with “paying down debt” emerging as the primary concern.
Responses to the Harris Decima poll varied depending on age.
CIBC’s Geoff Dillon says those 25 to 44 named dealing with debt as most important, with 45-64 year olds focused more on retirement planning, and those 65 and up – managing day to day spending.
Dillon says, “it follows a very natural curve through life where you want to focus on reducing your debt. Focus on building up you savings for retirement and then focus on making the most of your savings as you enjoy your retirement.”
He adds, only four per cent of Canadians list debt reduction as a topic of conversation with their financial advisor.
