Debt reduction the main financial priority for many Canadians in 2013
A consumer pays with a credit card for a purchase on July 6, 2010. (Ryan Remiorz / THE CANADIAN PRESS)
The Canadian Press
Published Wednesday, January 2, 2013 6:36AM EST
TORONTO -- It appears the biggest financial concern of Canadians continues to be getting out of debt.
That's the finding of a poll done for CIBC.
The survey of 2,000 Canadians by Harris-Decima found 17 per cent chose debt reduction as their main priority in 2013.
It's the third straight year in a row that debt reduction has topped the list of financial priorities.
Second on the list was building savings, chosen by 10 per cent of those asked, with managing day-to-day spending and budgeting the third choice and retirement planning coming in fourth.
Despite having the same priority last year, Statistics Canada says the household debt to income ratio actually rose to a record high 164.6 per cent in 2012.
The survey, conducted between October 25th and November 4th, is considered to have a margin of error of plus or minus 2.2 percentage points 19 times out of 20.