More than four out of five Canadians rank being debt-free among their top financial priorities, yet close to half feel they lost ground or only held steady in the past year in their struggle to make it reality, according to a recent survey from Manulife Bank of Canada.

“We know Canadians are concerned about debt loads and the key is to take some concrete steps to keep it under control,” says Doug Conick, president and CEO of Manulife Bank.

When asked about their financial priorities, exactly one third of those surveyed ranked being debt-free as a ‘10’ — their top financial priority. Another 36% ranked it as a nine or eight on the 10-point scale. Eleven per cent said they were already debt-free.

When it comes to reducing their debts, the past 12 months have not been good to many Canadians, despite record low interest rates, the poll suggests.

Twenty-seven per cent said their debt increased in the past year. Another 17% saw no change in their level of debt, while 19% said they did reduce their debt, but by less than they’d expected.

By comparison, seven per cent said they shaved more than they expected from their debts in the past year.

When it comes to reaching their debt-free goal, 11% said they have no idea how many years it might take them. Another 18% said it will be more than 15 years.

“If they have a plan in place and are working with an advisor, they stand a better chance of reaching their goals,” adds Conick.

Stephanie Holmes-Winton, a Halifax-based advisor and [resident of The Money Finder, describes learning to manage the debt side of the balance sheet as “one of the greatest wealth-building exercises Canadians can carry out.”

“Debt seems to be the final taboo and it needs to be brought to the forefront of all of our financial planning discussions,” she says.

“Far too many adults never truly understand debt, much less how to use different types of debt to their best financial advantage. Working with an advisor who can educate clients on the best use of their debt dollars is of great value.”

The Manulife Bank of Canada poll surveyed 1,000 Canadian homeowners between ages 30 to 55 with household income of more than $50,000. It was conducted online by Research House from April 16 to 23.