Dec 29, 2016
By Jane Brown
Nearly half of Canadians are not taking the right steps to stay on top of their financial priorities in the coming year.
A new survey conducted for CIBC found 48 percent of respondents were not planning to cut back their spending on non-essential items in order to meet goals that include eliminating debt, keeping up with bills and growing their investments.
But debt repayment was the top financial priority of 28 percent of those surveyed, with the vast majority saying their biggest concerns are credit cards and lines of credit.
Among those who incurred new debt over the past year, almost one-third of those surveyed say the primary reason for overspending was day-to-day expenses beyond their monthly income.
Yet, the poll also found that just over a quarter of the respondents say they will actually set a household budget to help them stay on track with a financial plan.