Alberta, Ontario and Quebec all see declines in their view of their current finances, while confidence in the future grows in Manitoba and Saskatchewan
TORONTO, Jan. 4, 2016 /CNW/ - As Canadians take stock of their finances for the new year, a recent poll by CIBC (TSX:CM) (NYSE: CM) finds that two-thirds (69 per cent) of Canadians say they feel positive about their current financial situation, down 5 percentage points from a year ago, led by declines in Alberta, Ontario, and Quebec.
Key poll findings include:
- Regarding current finances, 69 per cent of Canadians say they feel positive about their current financial situation, compared to 74 per cent last year
- Alberta is now the least positive region in the country with just 62 per cent feeling positive, down 21 percentage points from last year
- Sentiment in Ontario (68 per cent) and Quebec (71 per cent) is also lower in this year's survey
- While Canadians 55 and older remain the most positive about their finances, they also saw the biggest decline in this year's survey falling from 82 per cent a year ago to 74 per cent this year
- Looking ahead, 80 per cent of Canadians say they are confident they will meet their future financial goals
- 88 per cent of those surveyed in Manitoba/Saskatchewan believe they will achieve their financial goals, the highest score in the country
"While many Canadians remain positive about their financial situation, some are feeling less optimistic than they were at this time last year," says Christina Kramer, Executive Vice President, CIBC. "Whether you feel positive or have concerns about your finances, the new year is an ideal time to make changes so you feel prepared for the year ahead."
Confidence in meeting future financial goals is lower in most regions, but remains strong
Looking ahead to longer term goals, the poll also found that four in five Canadians (80 per cent) say they are confident they will meet their future financial goals, down from 85 per cent in 2015.
Manitoba and Saskatchewan were the only regions to show an increase, becoming the most confident region in the country at 88 per cent when it comes to believing they will achieve their future goals. Confidence in meeting future goals in Alberta (72 per cent) and Atlantic Canada (69 per cent) declined compared to other regions.
"It's encouraging to see that Canadians are generally optimistic about reaching their future financial goals, but confidence alone won't get you there - without a plan, there's a real risk you won't achieve what you are aiming for in 2016," Ms. Kramer says. "Goals such as building up an emergency fund or paying down debt require a year-round focus, which means it needs to be more than a New Year's resolution that fades away by February."
"It can help to talk to a financial advisor to create an achievable plan to balance short and long-term goals including reducing debt and being prepared for the unexpected," added Ms. Kramer.
KEY POLL FINDINGS:
Percentage of Canadians who feel positive about their current financial situation, by region:
Percentage of Canadians who feel positive about their current financial situation, by age:
Percentage of Canadians who feel confident about meeting their future financial goals, by region:
Percentage of Canadians who feel confident about meeting their financial goals, by age:
From December 7th to 8th, 2015, an online survey was conducted among 1,508 randomly selected Canadian adults who are Angus Reid Forum panelists. The margin of error - which measures sampling variability - is +/- 2.5 per cent, 19 times out of 20. The results have been statistically weighted according to education, age, gender and region (and in Quebec language) Census data to ensure a sample representative of the entire adult population of Canada. Discrepancies in or between totals are due to rounding.
For comparison purposes, 2014 data is sourced from a similarly conducted study. From November 21st to 22nd, 2014, an online survey was conducted among 1,503 randomly selected Canadian adults who are Angus Reid Forum panelists. The margin of error - which measures sampling variability - is +/- 2.5 per cent, 19 times out of 20. The results have been statistically weighted according to education, age, gender and region (and in Quebec language) Census data to ensure a sample representative of the entire adult population of Canada. Discrepancies in or between totals are due to rounding.
CIBC is a leading Canadian-based global financial institution with 11 million personal banking and business clients. Through our three major business units - Retail and Business Banking, Wealth Management and Capital Markets - CIBC offers a full range of products and services through its comprehensive electronic banking network, banking centres and offices across Canada with 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.
For further information:
Olga Petrycki, Director, External Communications, 416-306-9760 or [email protected]