CIBC Poll: Albertans Start the New Year Feeling Positive About Their Finances

Annual poll reveals confidence in achieving future financial goals remains increasing among Albertans, but some are missing out on the opportunity to get advice on debt repayment

CALGARY, Jan. 3, 2012 /CNW/ - A new CIBC (CM:TSX) poll shows that as Albertans start the New Year they are generally positive about their current financial situation. The poll also reveals Alberta residents are increasingly seeing the value in setting financial goals for themselves, and are confident they'll reach their goals.

Key findings of the poll include:

  • 72 per cent of Albertans say they feel positive about their current financial situation, a strong overall finding and unchanged compared to CIBC poll results released in January 2011
  • 85 per cent of Alberta residents say they are confident they will reach their financial goals vs. 77 per cent one year ago
  • Albertans are increasingly seeing the value in setting goals with 82 per cent saying it's more important today than it was five years ago to set financial goals for yourself
  • Albertans are also taking their own advice and setting goals for the year with 68 per cent of respondents saying they regularly set financial goals for themselves vs 61 per cent one year ago

"Albertans are entering 2012 with a generally positive view on their finances, and they are more confident about reaching their financial goals than they were a year ago," said Christina Kramer, Executive Vice President, Retail Distribution and Channel Strategy, CIBC. "It's encouraging to see more Albertans recognizing the importance of setting financial goals for themselves, and a strong level of confidence in achieving those goals."

Nationally across age groups, confidence in achieving financial goals was generally strong, although there is a declining trend with age. For example, among Canadians aged 18-34 78 per cent say they are confident they will reach their financial goals, however Canadians nearer to retirement between the ages 55 to 64 were somewhat less likely to be confident, at 68 per cent.

The poll also revealed that one of the keys to a positive outlook on your finances is having a discussion with a financial advisor:

  • Canadians who met with a financial advisor sometime in the last 12 months were more likely to feel positive about their financial situation today (69 per cent) versus those who had not met with an advisor (60 per cent).
  • They were also more likely to feel confident about reaching their future goals (77 per cent vs 69 per cent).

"Discussing your financial goals with an advisor is an opportunity to take an integrated view of your overall financial situation today and lay out a realistic plan to achieve what matters to you in the coming years," added Ms. Kramer.  "One of the immediate benefits of that conversation is that you gain a better understanding of where you stand today and have a better sense of the steps you can take to start making progress towards the goals you've set for yourself."

CIBC research released last week highlighted Albertans' focus on paying down debt as the top financial priority for Canadians entering 2012, yet most Alberta residents don't make the connection between getting financial advice to help them build a strategy to pay down their debt. Only 14 per cent of Albertans think about debt management as the topic of a conversation with a financial advisor.

"We know that debt management is a top priority among Alberta residents entering the year, and there's clearly an opportunity for more Albertans to have a conversation with an advisor about how they can accelerate their debt repayment strategy in 2012," added Ms. Kramer.

KEY POLL FINDINGS

Percentage of Canadians who are confident they will reach their financial goals, by region:

National Average    72%
Atlantic Canada    78%
Quebec     60%
Ontario     76%
Manitoba/Saskatchewan   78%
Alberta      85%
British Columbia    70%

Percentage of Canadians who are confident they will reach their financial goals, by age:

National Average            72%
18-24      78%
25-34      78%
35-44      74%
45-54      70%
55-64      68%
65 and over     70%

Percentage of Canadians feeling positive about their current financial situation today, by region:

National Average    64%
Atlantic Canada    61%
Quebec     64%
Ontario     66%
Manitoba/Saskatchewan   70%
Alberta      72%
British Columbia    54%

Percentage of Canadians feeling positive about their current financial situation today, by age:

National Average           64%
18-24      69%
25-34      58%
35-44      69%
45-54      63%
55-64      65%
65 and over     66%

Percentage of Canadians that generally set financial goals or objectives each year, by region:

National Average    60%
Atlantic Canada    61%
Quebec     51%
Ontario     63%
Manitoba/Saskatchewan   58%
Alberta      68%
British Columbia    59%

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 2,015 Canadians between November 10th to 21st, 2011. A sample of this size has a National margin of error of +/-2.2%, 19 times out of 20. The margin of error for the 201 Albertans interviewed is +/-6.9%, 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 Press Centre on our corporate website at www.cibc.com.

SOURCE CIBC

For further information:

Kevin Dove, Head of External Communications, 416-980-8835, Kevin.dove@cibc.com


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