Record debt levels indicate that despite making this the top priority for six years running, Canadians are struggling to make headway
TORONTO, Dec. 30, 2015 /CNW/ – Paying down debt is the top financial goal for Canadians in 2016 according to a new CIBC (TSX:CM) (NYSE: CM CIBC) poll. While this marks the sixth consecutive year that paying off debt is the number one priority, record high household debt shows Canadians are struggling to meet this goal.
“Every year Canadians tell us they want to get out of the red, yet each following year debt reduction is still their top financial priority which indicates many are not making the headway they want,” says Christina Kramer, Executive Vice President, CIBC.
Key poll highlights include:
“It’s not just first-time home buyers, younger Canadians, or those impacted by shifts in the economy such as a downturn in the oil patch who are focused on cutting down their debt,” says Ms. Kramer. “Canadians across the country are telling us that reducing the burden of debt, along with keeping up with their bills, is what they are focused on.”
Five steps to debt freedom
For those who struggle to make headway in paying down debt, Ms. Kramer offers some advice:
KEY POLL FINDINGS:
Top financial goal for Canadians in 2016:
From December 7th to 8th, 2015, an online survey was conducted among 1,508 randomly selected Canadian adults who are Angus Reid Forum panelists. The margin of error – which measures sampling variability – is +/- 2.08 per cent, 19 times out of 20. The results have been statistically weighted according to education, age, gender and region (and in Quebec language) Census data to ensure a sample representative of the entire adult population of Canada. Discrepancies in or between totals are due to rounding.
Historic polling for the 2011 – 2015 outlook was conducted via Nielsen, to just over 1,000 Canadians through teleVox, the company’s national telephone omnibus survey. A sample of that size has a margin of error of +/-3.1%, 19 times out of 20.
About CIBC
CIBC is a leading Canadian-based global financial institution with 11 million personal banking and business clients. Through our three major business units – Retail and Business Banking, Wealth Management and Capital Markets – CIBC offers a full range of products and services through its comprehensive electronic banking network, banking centres and offices across Canada with offices in the United States and around the world. You can find other news releases and information about CIBC in our Media Centre on our corporate website at www.cibc.com.
