POLL: NEW YEAR'S RESOLUTION - LOSE THE DEBT

Dec 30, 2014

By Bob Komsic

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Weight is not the only thing Canadians wish they could lose in 2015.

A new poll by the CIBC says paying down debt is the top financial priority – again.

Zoomer poverty

This marks the fifth straight year that debt repayment is top of mind of many, which also suggests retirement planning is increasingly taking a back seat to more immediate needs.

Among Zoomers 45-54 years old, paying down the debt was at the top of the list of 31%.

That compares with 16% last year.

Among those 55-64 years old, 25% say debt repayment’s their number one priority, compared with 14% a year ago.

While the CIBC’s Christina Kramer understands the thinking, she points out ”it is important that they don’t put off retirement planning indefinitely.”

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