BMO says 30 per cent of Canadians prioritize debt reduction

The top priority of 1 in 3 Canadians is to reduce or eliminate debt according to a new poll by BMO.

The lender’s wealth management division also revealed that investing and tax efficiency (24 per cent); saving more (23 per cent); budgeting (14 per cent); and spending on personal needs or goals (4 per cent) were the other main priorities.

Priorities change depending on life stages though with Boomers more likely to want to tackle their debt than Millennials (who want to save more).

A number of events were identified among respondents as barriers to saving more or invest. These include stock market losses, failed business ventures, divorce/separation and financial loss on a property sale.
 

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