Over half of Canadians plan to work toward ridding themselves of debt in 2010 as more than 35 per cent say their top financial New Year's resolution is to pay down their debt and another 13 per cent want to pay down their mortgage faster, according to a poll conducted on behalf of Edward Jones Canada.

Canadians are choosing to take a cautious stance on their finances in 2010. In addition to the 48 per cent paying down debt, another 16 per cent are building themselves a cash reserve for a rainy - or stormy - day by resolving to put money into an emergency fund.

According to a recent Statistics Canada report, Canadians are deeper in debt than ever before. Household debt, (mainly mortgages and consumer credit) has increased by 1.6 per cent and the household debt-to-income ratio has risen to a record 145 per cent. That means for every $100 income, Canadians carry $145 in debt.

The poll also found that 20 per cent of Canadians are resolving to increase contributions to an investment account in 2010. Ten per cent say that they will contribute more to their RRSP, 5 per cent will contribute more to their tax free savings account and another 5 per cent will put more money into their child or grandchild's RESP.