Survey also finds that priorities change as income rises
When it comes to managing their personal finances, a new survey found that most Canadians prioritize saving their money over paying down their mortgage debt.
A survey conducted by investment dealer Edward Jones found that a whopping three out of four Canadians (77%) would rather save money than pay down a long-term debt. This insight comes in light of Statistics Canada data showing that debt levels have reached a record high of 178.5% in the fourth quarter of 2018.
Read more: Growing portion of household income going to debt servicing
"When it comes to planning for the future, paying down debt is equally as important as saving," said Patrick French, principal of solutions tools and consulting at Edward Jones. "A financial advisor can partner with you to develop saving and debt payment plans tailored to your lifestyle, so that you're able to address both priorities and stay on track towards meeting your financial goals."
The survey also found that prioritizing long-term debt payment increased as household incomes rise. Edward Jones attributed the link to dual income households and growing families who spend on big life purchases such as a cottage, home or car. The survey also found that Canadians between the ages of 18 and 34 were more likely to be focused on purchasing a new home than any other cohort.
"Achieving one's financial goals is within reach so long as there is a clear plan for getting there based on a strong understanding of one's financial situation," said French.
