Money worries appear to be motivating Canadians to focus on sound financial decision making in 2013, according to a national survey conducted for the Canadian Institute of Chartered Accountants (CICA).

The survey found that 50% of respondents admit to worrying about money. The research also revealed that women are significantly more likely than men to worry (55% versus 45%).

Debt reduction clearly emerged as one area where survey respondents want to take action. Half of those surveyed said that reducing personal debt is a high priority. Another 15% described debt reduction as a moderate priority. In addition, minimizing the interest paid on debt is a high priority for 47% of respondents. Seventeen per cent called it a moderate priority.

Other key findings:

  • Almost six in 10 of those surveyed (59%) said that purchasing only what they can afford is a high priority.
  • Nearly four in 10 respondents (38%) said saving more is a high priority, while 31% viewed it as a moderate priority.
  • Slightly more than a quarter (26%) stated that spending less than they did in 2012 is a high priority. Thirty-two per cent considered it a moderate priority.
  • The survey found that the age group most worried about money was 35-44. It was followed by 25-34, 45-54,18-24, 55-64 and 65 plus.

Managing cash, credit cards and other debt are among the topics covered in a new book from CICA titled A Canadian’s Guide to Money-Smart Living. The book, officially being released Tuesday, provides valuable guidance to help individuals become more comfortable with money matters and strengthen their financial situations. Each chapter deals with an essential aspect of money management and outlines easy action steps.

“We published the book for ordinary people who face every day financial challenges,” says Cairine Wilson, vice-president, member services, CICA. “Individuals can take control of their finances and free themselves from worry by learning a few basic but very important concepts about money.”

The book’s author is Kelley Keehn, one of the country’s most prominent personal finance experts and an advocate for improving the financial literacy of Canadians.

A Canadian’s Guide to Money-Smart Living can be obtained by visiting http://www.castore.ca/moneysmartliving.

The 2013 CICA Financial Priorities Survey was conducted by Harris/Decima via telephone between Dec. 6-9, 2012, with a national random sample of 1,000 adult Canadians aged 18 years and over and is considered accurate to within ± 3.1%, 19 times out of 20.