Shock Absorbing: Reducing Debt Is Hard When It's Unforseeable

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Shock Absorbing: Reducing Debt Is Hard When It's Unforseeable

Sep, 1st 2016

Reducing debt wins out for most Americans over saving as a top financial priority, according to research released Tuesday by BMO Wealth Management (U.S.).

The study, “Your Personal Net Worth Statement,” shows that 31 percent of 1,018 people surveyed named debt reduction as their top priority. The number is higher (35 percent) for baby boomers and Gen Xers, and lower (24 percent) for millennials, who say they are concentrating on saving for goals such as buying a house.

“Priorities can shift over time. It is reassuring to see Americans focus on eliminating debt that otherwise could be a...

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