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

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

TORONTO, Jan. 3, 2012 /CNW/ - A new CIBC (TSX:CM) poll shows that as Ontarians 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 Ontario 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:

  • 66 per cent of Ontarians say they feel positive about their current financial situation, a strong overall finding, and unchanged compared to CIBC poll results released in January 2011
  • 76 per cent of Ontario residents say they are confident they will reach their financial goals vs. 70 per cent one year ago
  • Ontarians are increasingly seeing the value in setting goals with 79 per cent saying it's more important today than it was five years ago to set financial goals for yourself
  • More Ontario residents are also taking their own advice and setting goals for the year with 63 per cent of respondents saying they regularly set financial goals for themselves vs 52 per cent one year ago

"Ontarians are entering 2012 with a generally positive view of their finances, and a confident view when it comes to reaching their goals," said Christina Kramer, Executive Vice President, Retail Distribution and Channel Strategy, CIBC. "It's encouraging to see more Ontario residents 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 Ontarians' focus on paying down debt as the top financial priority for Ontario residents entering 2012, yet most Ontarians don't make the connection between getting financial advice to help them build a strategy to pay down their debt. Only 5 per cent of Ontario residents think about debt management as the topic of a conversation with a financial advisor.

"We know that debt management is a top priority among Ontarians entering the year, and there's clearly an opportunity for more residents of Ontario 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   
Atlantic Canada   
Quebec    
Ontario    
Manitoba/Saskatchewan  
Alberta     
British Columbia   
72%
78%
60%
76%
78%
85%
70%

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

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

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

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

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

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

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

National Average   
Atlantic Canada   
Quebec    
Ontario    
Manitoba/Saskatchewan  
Alberta     
British Columbia   
60%
61%
51%
63%
58%
68%
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 657 Ontarians surveyed is +/-3.8%, 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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