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What is your financial priority?

A new survey conducted by Ipsos Reid on behalf of RBC reveals that more Canadians are citing saving for retirement as a top financial priority compared to those who are prioritizing paying off debt, reversing last year’s rankings.

Over half (52%) of Canadians now identify retirement saving as one of their top three financial priorities, showing an increase of 8 points from the 44% of Canadians who identified this as a top three financial priority in 2012.

Last year’s most mentioned financial priority, making regular payments to reduce or eliminate debt, falls to second place as just under half (48%) cite debt reduction as one of their top three financial priorities, down 6 points from 54% last year.

This priority shift is even more pronounced among middle-aged (aged 35-54) Canadians with almost two-thirds (62%, up 10 points from last year) focusing on saving for retirement compared to reducing or eliminating debt (52%, down 4 points).

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