What is Canadians’ No. 1 financial priority?

The top financial priority for 30% of Canadians is to reduce or eliminate debt, says a study by BMO Wealth Management.

The BMO report released Tuesday found slashing debt was also the most important priority for people aged 35-54. For millennials 18-34, 26% say the top concern is saving more, while 29% of those aged 55 and over are prioritizing effective investing and tax efficiency.

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The report identified financial planning anxieties, with 29% of respondents saying they’re concerned they will not save enough to reach their financial goals. Canadians say their financial goals have been impeded by stock market losses (36%), failed business ventures (23%), divorce or separation (18%), and financial loss on a property sale (13%).

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Overall, only 14% of Canadians say their top priority is budgeting, according to the report, which also provides financial tips for graduates, parents and retirees. The study surveyed 1,018 adult Canadians aged 18 and older from April 13 to 18.

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.