A quarter of Canadians with debt are more likely to turn to their family or friends for advice and guidance on handling that debt than they would be to talk to a financial advisor (14%), according to preliminary results of Toronto-based AGF Investments Inc. third annual investor survey, which were released on Monday.

However, advisors have an important role to play in educating Canadians on ways to overcome the barriers to saving and paying down debt, suggests AGF’s survey, especially in light of research produced in 2012 by Montreal-based Centre for Interuniversity Research and Analysis of Organizations. That third-party report found that investors who work with advisors accumulate two and a half to three times the wealth of those who don’t over a 15-year period.

The AGF investor survey also finds that many Canadians are struggling with balancing the need to pay down debt and saving for the future. More than eight in 10 survey participants (81%) report having some form of debt and 48% of those with debt say their current financial situation is preventing them from saving. Living expenses and rent or mortgage payments are the most commonly mentioned factors that prevent Canadians with debt from saving.

“One of the goals of this year’s survey is to better understand the barriers to saving, so that we can enable Canadians to reach their investment goals,” says Judy Goldring, executive vice president and chief operating officer of AGF Management Ltd, in a statement. “We want to continue to build on the knowledge gained from previous surveys and to delve deeper into investor mindsets.”

Most Canadians are prioritize paying down their debt over saving, with 58% of survey participants between the ages of 18 and 49 saying they would choose to minimize their debt before increasing their savings.

“We want Canadians to know that it doesn’t have to be an either/or situation,” Goldring says. “Regardless of how much life gets in the way, saving while paying down debt can have a significant impact on your personal balance sheet.”

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