Canadians Positive about their Finances: CIBC Poll

Poll reveals that Canadians who seek advice are more likely to have financial goals mapped out, and to be confident about achieving them

TORONTO, Jan. 20 /CNW/ - Most Canadians are feeling positive about their current financial situation and are optimistic they will meet their future financial goals, according to a recent CIBC poll. The poll also revealed that Canadians who have met with an advisor sometime in the last year are more likely to have established goals for themselves and feel that they are on track to meet them.  

Key findings of the poll include:

  • 69 per cent of Canadians feel positive about their current financial situation, which was consistent across all age groups in the survey
  • 71 per cent of Canadians think it's more important to set financial goals today than it was 5 years ago, although only 51 per cent say they annually set financial goals for themselves and their family. Canadians aged 25-44 were most likely to have financial goals in place (57 per cent)
  • 71 per cent of Canadians are confident they will reach their financial goals

"It is encouraging to see that most Canadians are positive about their current financial situation and are increasingly aware of the importance of setting and working towards personal financial goals," said Victor Dodig, Executive Vice-President, Retail Distribution and Wealth Management, CIBC Retail Markets.

The poll also identified an important link between working with an advisor, building a financial plan, and being confident about your personal financial situation:

  • 61 per cent of Canadians who have met with an advisor in the last year have financial goals in place for themselves and their families vs just 41 per cent among those who haven't met with an advisor
  • Confidence is also higher among this group that they will reach their financial goals at 77 per cent vs a 66 per cent confidence level among those who have not had a conversation with an advisor

"We hear from our clients on a regular basis that there is a connection between having a good conversation about their broader financial goals and how they feel about their finances," added Mr. Dodig. "Having a conversation with a financial advisor about your goals and what you want to accomplish is just that - a conversation. It's an opportunity for you to talk about what matters to you, whether it's planning for retirement or reducing your debt, and then talking about how you can work towards those goals by taking a holistic view of your financial picture."

The poll also revealed a gap between the number of Canadians who see the importance of having personal financial goals in place and those who actually set goals for themselves.

"Many Canadians are more focused today on the importance of setting personal financial goals for themselves, however there is an opportunity for more people to sit down and work through what they want to accomplish financially," said Mr. Dodig. "It's much easier to put money away each month or make an extra mortgage payment when you know that gets you one step closer to the goals you've established for yourself."

Mr. Dodig added "Given the positive impact advice can have on your financial situation, even if it's just getting a better understanding of what you want to achieve and how you can get there, it's absolutely worth taking the time to meet with an advisor to solidify your financial goals, which is the first step towards realizing them."

With over 1,000 CIBC branches across the country, including Saturday and Sunday hours in many locations, clients can choose to have a conversation with a CIBC Advisor at a time and place that works for them. 

Results are based on a CIBC telephone poll conducted by Harris/Decima, via teleVox, which surveyed 2,017 Canadians.  The associated margin of error is +/-2.2%, 19 times out of 20. Polling was conducted between September 23 and October 4, 2010

For more information and advice, visit www.cibc.com or your local CIBC branch, or call 1-800-465-CIBC (1-800-465-2422).

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, 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:

contact Kevin Dove, Senior Director, Communications and Public Affairs, 416-980-8835 or Kevin.dove@cibc.com


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