While confidence in reaching financial goals is on the rise, Canadians'
view of their current finances has remained the same over a 4 year
period
TORONTO, Jan. 22, 2014 /CNW/ - A new CIBC (TSX: CM) (NYSE: CM) poll
conducted by Harris/Decima shows that 76 per cent of Canadians feel confident they will reach their financial goals as
they start 2014, part of a 4-year trend of increasing confidence in
their financial future. Although confidence in reaching goals is
increasing, Canadians' feelings about their current financial situation
have not changed. 70 per cent say they feel positive about their finances today, a number that has
not increased measurably compared to the same poll in 2011.
Key findings of this year's poll include:
-
The percentage of Canadians who say they feel confident about meeting
their financial goals has grown steadily over 4 years
|
|
|
|
|
|
2014
|
2013
|
2012
|
2011
|
|
76%
|
74%
|
72%
|
71%
|
-
The percentage of Canadians who say they feel positive about their
current financial situation remained the same as last year, and has not
changed materially since 2011 findings:
|
|
|
|
|
|
2014
|
2013
|
2012
|
2011
|
|
70%
|
70%
|
64%
|
69%
|
-
Canadians aged 65 or older were among the age groups most confident
about meeting their financial goals ( 81 per cent), and the most positive about their current financial situation (79 per cent)
-
Regionally, residents of Alberta were among the nation's most confident
when it comes to their financial goals (84 per cent), and the most positive about their financial situation going into 2014
(82 per cent)
"It is encouraging that Canadians are more confident about reaching
their financial goals in 2014," said Christina Kramer, Executive Vice
President, Retail Distribution and Channel Strategy, CIBC. "The next
step is to turn that confidence into action by putting plans in place
at the start of the year that will help you achieve what matters to
you."
While confidence in the future is climbing, Canadians feel much the same
about their current financial situation as they did 3 years ago -
suggesting that while Canadians want to take positive steps in managing
their money, some may be having some difficulty getting results.
One example is paying down debt, which has consistently been noted in
CIBC research as a priority by Canadians, yet it remains a key
financial concern in 2014.
"The fact that debt reduction has been top of mind for many Canadians
for a number of years in a row suggests that some Canadians are not
making as much progress against their debt reduction goals as they
would like," Ms. Kramer added. "Now is the time to put a plan in place
that will help you feel more positive about your finances 12 months
from now through some measurable progress in 2014."
Talking about money builds confidence
The poll results also suggest a simple starting point for improving your
view of your finances - talk about it with someone who can help:
-
Canadians who met with an advisor in the past year were more likely to
feel confident about achieving their financial goals (82 per cent), compared to those who had not met with an advisor (71 per cent)
-
Those who met with advisor were also more likely to feel positive about
their financial situation today (78 per cent) versus those who had not (64 per cent)
-
However, only 47 per cent of Canadians said they've met with an advisor sometime in the last year
"Meeting with a financial advisor will help you gain a better
understanding of your current financial situation, which can lead to a
more positive outlook," Ms. Kramer comments. "It is a small investment
in terms of time, but it is an important first step in developing a
realistic plan to help achieve your personal financial goals."
KEY POLL FINDINGS
Percentage of Canadians who are confident they will meet their financial
goals, by region:
|
2014
|
2013
|
2012
|
2011
|
National Average
|
76%
|
74%
|
72%
|
71%
|
Atlantic Canada
|
78%
|
74%
|
78%
|
72%
|
Quebec
|
68%
|
64%
|
60%
|
66%
|
Ontario
|
77%
|
78%
|
76%
|
70%
|
Manitoba/Saskatchewan
|
79%
|
84%
|
78%
|
69%
|
Alberta
|
84%
|
82%
|
85%
|
77%
|
British Columbia
|
80%
|
72%
|
70%
|
78%
|
Percentage of Canadians who are confident they will meet their financial
goals, by age:
|
2014
|
2013
|
2012
|
2011
|
National Average
|
76%
|
74%
|
72%
|
71%
|
18-24
|
76%
|
73%
|
78%
|
76%
|
25-34
|
79%
|
74%
|
78%
|
75%
|
35-44
|
72%
|
75%
|
74%
|
69%
|
45-54
|
77%
|
74%
|
70%
|
71%
|
55-64
|
74%
|
75%
|
68%
|
69%
|
65 and over
|
81%
|
74%
|
70%
|
69%
|
Percentage of Canadians feeling positive about their current financial
situation, by region:
|
2014
|
2013
|
2012
|
2011
|
National Average
|
70%
|
70%
|
64%
|
69%
|
Atlantic Canada
|
67%
|
65%
|
61%
|
72%
|
Quebec
|
71%
|
68%
|
64%
|
67%
|
Ontario
|
69%
|
74%
|
66%
|
67%
|
Manitoba/Saskatchewan
|
70%
|
75%
|
70%
|
73%
|
Alberta
|
82%
|
69%
|
72%
|
73%
|
British Columbia
|
67%
|
65%
|
54%
|
72%
|
Percentage of Canadians feeling positive about their current financial
situation, by age:
|
2014
|
2013
|
2012
|
2011
|
National Average
|
70%
|
70%
|
64%
|
69%
|
18-24
|
59%
|
69%
|
69%
|
66%
|
25-34
|
68%
|
67%
|
58%
|
73%
|
35-44
|
66%
|
71%
|
69%
|
68%
|
45-54
|
73%
|
70%
|
63%
|
68%
|
55-64
|
73%
|
69%
|
65%
|
69%
|
65 and over
|
79%
|
73%
|
66%
|
70%
|
Each week, Harris/Decima interviews just over 1000 Canadians through
teleVox, the company's national telephone omnibus survey. These data
were gathered in a sample of 2060 Canadians between October 25 and
November 4, 2013. A sample of this size has a margin of error of +/-2.2%, 19 times out of
20.
CIBC is a leading North American financial institution with nearly 11
million personal banking and business clients. CIBC offers a full range
of products and services through its comprehensive electronic banking
network, branches and offices across Canada, and has offices in the
United States and around the world. You can find other news releases
and information about CIBC in our Media Centre on our corporate website
at www.cibc.com.
SOURCE CIBC