CIBC Poll: Atlantic Canadians Start the New Year Feeling Positive About Their Finances - but Less So Than a Year Ago

Annual poll reveals Atlantic Canadians confident about their future financial goals, and more likely to set goals for 2012

TORONTO, Jan. 3, 2012 /CNW/ - A new CIBC (CM:TSX) poll shows that as Atlantic Canadians start the New Year they are generally positive about their current financial situation, though poll results show a small decline in that positive view compared to one year ago. The poll also reveals Atlantic Canadians 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:

  • 61 per cent of Atlantic Canadians say they feel positive about their current financial situation, a strong overall finding, but a decline of 11 per cent compared to CIBC poll results released in January 2011
  • 78 per cent of Atlantic Canadians say they are confident they will reach their financial goals, a 6 per cent increase compared to last year
  • Atlantic Canadians 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
  • Atlantic Canadians are also taking their own advice and setting goals for the year with 61 per cent of respondents saying they regularly set financial goals for themselves vs 54 per cent one year ago

"Atlantic Canadians are entering 2012 with a confident outlook on their finances, although they are somewhat less positive about their current financial situation than they were a year ago," said Christina Kramer, Executive Vice President, Retail Distribution and Channel Strategy, CIBC. "It's encouraging to see more Atlantic Canadians 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 high, 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 Atlantic Canadians' focus on paying down debt as the top financial priority for Atlantic Canadians entering 2012, yet most Atlantic Canadians don't make the connection between getting financial advice to help them build a strategy to pay down their debt. Only 11 per cent of Atlantic Canadians think about debt management as the topic of a conversation with a financial advisor.

"We know that debt management is a top priority among Atlantic Canadians entering the year, and there's an opportunity for more Atlantic Canadians 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 203 Atlantic Canadians surveyed 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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