Guess what 49% of Canadians would do with a $10K windfall

by Steve Randall19 Feb 2020

Canadians are keen to reduce their level of debt according to a new survey.

In fact, 49% of respondents said that if they were to receive a $10,000 dollar windfall, they would use it to pay down debt. Debt reduction was the single most-important short-term financial priority of around 4 in 10 people from the Millennial, Gen X, and Baby Boomers generations. 

The survey from investment firm Edward Jones also highlights the share of Canadians that see themselves as either savers or spenders.

Across the generations, 58% consider themselves savers, while 37% cent self-identify as spenders. Those who say they are spenders are more likely to prioritize paying down debt (45%) than savers (26%).  

"While notionally we understand that different generations will have different financial priorities, this study shows us more than how Canadian at different life stages spend and save – it sheds a light on how Canadians feel about their money and what fiscal concerns they have," said David Gunn, Country Leader, Edward Jones Canada.

Asked about financial concerns, almost half of Boomers said they did not have any compared to 77% of Gen Xers who said they did.

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