The No. 1 financial priority for Americans isn’t investing

The focus on saving over investing may have to do with participants’ own priorities. “If the next step is saving rather than investing you’re thinking short term,” said Kollauf. “People equate the investment component with long-term needs.”

Advisors, however, say that clients these days are generally more mindful of debt management, savings and cash flow. Strong equity markets and low interest rates have given them the breathing room to focus on debt repayment.

“The markets have played into the mindset of focusing on cash flow,” said Shon Anderson, president of Anderson Financial Strategies in Dayton, Ohio.

“People who are in the accumulation phase are able to focus on things they can control, especially since they don’t have to worry about their portfolio as much,” he said. “With lower interest rates on liabilities, it’s easier to focus on paying it down.”

Indeed, nearly a quarter of the people BMO polled said their chief borrowing concern was having more debt than they can repay.

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