The Canadian people want to reduce their debt loads in 2018. An annual opinion survey made by CIBC reveals that 25% of the Canadians want to lower their debts or to end it. They have given top priority to debt reduction than to make savings and investments.
About 15% percent of the poll respondents felt that they needed to pay off their bills. The savings for retirement, making home renovation and saving for a vacation did not feature in the top priorities of the Canadians.
The Angus Reid Forum conducted the online survey on the 11th and 12th of December. The CIBC said that debt reduction is on the top of the priority list of the Canadians for the last eight annual pools.
The household debt was the top concern for the Bank of Canada for many years. There is a steady increase in the household debt level. Stephen Polaz, the Bank of Canada governor, said that he was having sleepless nights worrying about the debt levels.
Only 16 percent of the poll respondents have said that they have achieved their financial goals of 2017. The main reasons for people taking loans were unexpected financial emergencies and to meet the day-to-day expenses.