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Canadians are piling on debt, but still call debt reduction their top financial priority

Far from being a drag on the economy, savings have a vital role in society.Postmedia

Canadians still seem to recognize that paying down debt is an important goal, even as they rack up more and more of it.

Twenty-five per cent of those surveyed in a new CIBC poll cited debt reduction as their top financial priority for 2018, marking the eighth straight year it has topped the list.

The findings come as household debt rose to record levels in 2017.

“We all know how hard it is to keep New Year’s resolutions. That’s why when it comes to your finances you want to set smart goals that are specific, measurable, achievable, time-bound, and most importantly, realistic,” said Jennifer Hubbard, managing director, financial planning and advice, at CIBC.

“Saving and managing your debt are both essential to your overall financial health.”