Canadians More Focused On Saving Than Paying Down Debt: Survey
Edward Jones said Canadians should be paying as much attention to reducing or eliminating debt
Despite record levels of household debt, Canadians are prioritizing saving over debt paydown, according to a poll from Mississagua, Ont.-based Edward Jones.
The poll found that 77% of Canadians say saving is their top priority. The reasons for saving included retirement (41%), lifestyle expenses (37%), future education costs for family (30%) and building an emergency fund (26%).
But Edward Jones cautioned that Canadians should be paying just as much attention to reducing or eliminating their debt.
“When it comes to planning for the future, paying down debt is equally as important as saving,” Patrick French, principal of solutions tools and consulting with Edward Jones, said in a statement.
The survey also asked how respondents were doing in terms of their personal financial goals. Most said they’d underperformed (58%), and only 12% said they’d met their goals. People older than 55 making more than $80,000 annually were more likely to say they were on track. An emphasis on paying off debt, specifically long-term debt, was cited more frequently by those in higher-income households.