Over half of Canadians surveyed plan to work toward ridding themselves of debt in 2010 as 35% say their top financial New Year’s resolution is to pay down their debt and another 13% want to pay down their mortgage faster, according to a poll conducted on behalf of Edward Jones Canada.

Canadians are choosing to take a cautious stance on their finances in 2010. In addition to the 48% paying down debt, another 16% are building themselves a cash reserve for a rainy day by resolving to put money into an emergency fund.

According to a recent Statistics Canada report, Canadians are deeper in debt than ever before. Household debt, (mainly mortgages and consumer credit) has increased by 1.6% and the household debt-to-income ratio has risen to a record 145%. That means for every $100 income, Canadians carry $145 in debt.

20% planning investments

The poll also found that 20% of Canadians are resolving to increase contributions to an investment account in 2010. Ten per cent say that they will contribute more to their RRSP, 5% will contribute more to their TFSA and another 5% will put more money into their child or grandchild’s RESP.

IE