Most Canadians are prioritizing debt repayment despite growing fears about having to work longer to finance their retirement, according to a new survey by Mississauga, Ont-based Edward Jones. However, financial advisors could play a critical role in ensuring clients make the right decision and also place a priority on their retirement savings.

The results of the poll show that almost one in three Canadians plan to use their 2015 tax returns to pay down debt, while fewer than one in ten plan to stow that money away for retirement.

Says Jonathan Rivard, regional leader and financial advisor with Edward Jones in Richmond Hill, Ont.: “When clients get access to capital, the No. 1 thing they ask me is, should I pay down debt or should I invest?”

Here are three tips for helping clients make the decision to treat retirement savings seriously:

1. Make it emotional
Spend time speaking with clients about retirement by encouraging them to imagine how their senior years will play out while recognizing their current debt. Use “feelings questions,” Rivard says, to help the both of you develop their financial plan.

“If you have an emotional or personal discussion, you’re going to connect better with a client or prospective client,” he adds.

For example, Rivard asks his clients: “How would you feel if you knew how much income you would have coming in at 70?” or “How would you like to have a plan in place so that you can take two trips per year from 60 to 80 years or age?”

Most people think in the short term and prioritize their debt repayment, so you’ll need to make clients connect emotionally with their future when deciding whether they should also be investing in their retirement.

2. Use analogies
Analogies are always helpful in encouraging clients to sit down and discuss debt planning or retirement planning, Rivard says.

For example, he asks his clients to recount how many hours they spent at the grocery store last month (most people usually say five hours). Rivard will then follow up by asking how many hours they spent on their financial plan in the past year. “They will typically laugh and say not enough,” he says.

3. Show leadership
Own your relationship with the client, Rivard says. Clients want an advisor who truly cares, so it’s important to take initiative.

Use financial planning software to demonstrate the long-term impact of paying down debt first as opposed to paying down debt while still investing a small portion of their income or tax returns.

“Don’t expect people to know what they should be doing all the time,” Rivard says. “Take it upon yourself to provide education and information for people. If you can do that in a way that’s simple, and relieves anxiety and stress, then clients are going to be more inclined to sit down with you.”