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The new poll reveals Canadians have many competing financial priorities and cite the cost of living as a big barrier to achieving goals.
Mississauga – March 25, 2019 – A new poll released today by Edward Jones delivers timely, revealing insight into Canadians’ top financial priorities and how they feel they are progressing towards achieving their financial goals. According to the findings, three out of every four Canadians have prioritized saving (77 per cent) over paying down debt (44 per cent). The results come as household debt levels reached a record high of 178.5 per cent in Q4 2018, according to Statistics Canada*.
Respondents who cited “saving” as their top priority identified the following specific financial goals as their motivation:
How do Canadians grade themselves when it comes to reaching their financial goals?
When asked to reflect on how they have fared towards reaching their financial goals, most respondents believed they have underperformed (58 per cent), with only 12 per cent believing they have met their goals.
Looking closer at the demographic breakdown:
Regional data available upon request.
An online survey of 1522 Canadians was completed between Dec 14 and 17, 2018, using Leger’s online panel. The margin of error for this study was +/-2.5%, 19 times out of 20.
*Statistics Canada, “National balance sheet and financial flow accounts, fourth quarter 2018”, December 14, 2018.
About Edward Jones Edward Jones is a full-service investment dealer with one of the largest branch networks in Canada. It is a member of the Investment Industry Regulatory Organization of Canada and the Canadian Investor Protection Fund, and a participating organization of the Toronto Stock Exchange.