Annual poll reveals confidence in achieving future financial goals remains high among Canadians, 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 conducted by Harris/Decima shows that as 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 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:
- 64 per cent of Canadians say they feel positive about their current financial situation, a strong overall finding, but a decline of 5 per cent compared to CIBC poll results released in January 2011
- 72 per cent of Canadians say they are confident they will reach their future financial goals, unchanged from last year
- Canadians are increasingly seeing the value in setting goals with 75 per cent saying it is more important today than it was five years ago to set financial goals for yourself
- More Canadians are also taking their own advice and setting goals for the year with 60 per cent of respondents saying they generally set financial goals for themselves vs 51 per cent one year ago
"Canadians are entering 2012 with a generally positive 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 Canadians recognizing the importance of setting financial goals for themselves, and a strong level of confidence in achieving those goals."
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 in ages 55 to 64 were 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 noted that paying down debt is the top financial priority for Canadians entering 2012, however many are missing the opportunity for financial advice to help them build a debt repayment strategy. Only 7 per cent of Canadians think about debt management as the topic of a conversation with a financial advisor.
"We know that debt management is the top priority among Canadians, and there's clearly an opportunity for more 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:
Percentage of Canadians who are confident they will reach their financial goals, by age:
|65 and over||70%|
Percentage of Canadians feeling positive about their current financial situation today, by region:
Percentage of Canadians feeling positive about their current financial situation today, by age:
|65 and over||66%|
Percentage of Canadians that generally set financial goals or objectives each year, by region:
Results are based on a CIBC poll conducted by Harris/Decima, via teleVox, which surveyed 2,015 Canadians. The associated margin of error is +/-2.2%, 19 times out of 20. Polling was conducted between November 10th to 21st, 2011.
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.
For further information:
Kevin Dove, Head of External Communications, 416-980-8835, [email protected]