Annual poll reveals confidence in achieving future financial goals is growing among Manitoba and Saskatchewan residents, but some are missing out on the opportunity to get advice on debt repayment
TORONTO, Jan. 3, 2012 /CNW/ - A new CIBC (CM:TSX) poll shows that as Manitoba and Saskatchewan residents start the New Year they are generally positive about their current financial situation and have a growing sense of confidence they will achieve the goals they have for themselves. The poll also reveals Manitoba and Saskatchewan residents are increasingly seeing the value in setting financial goals for themselves as part of an overall financial plan.
Key findings of the poll include:
- 70 per cent of Manitoba and Saskatchewan residents say they feel positive about their current financial situation, a strong overall finding, and similar to CIBC poll results released last year
- 78 per cent of Manitoba and Saskatchewan residents say they are confident they will reach their financial goals vs. 69 per cent one year ago
- Manitoba and Saskatchewan residents are increasingly seeing the value in setting goals with 64 per cent saying it's more important today than it was five years ago to set financial goals for yourself
- Manitoba and Saskatchewan residents are also taking their own advice and setting goals for the year with 58 per cent of respondents saying they regularly set financial goals for themselves vs 49 per cent one year ago
"Manitoba and Saskatchewan residents are entering 2012 with a positive outlook on their finances, and a confident view of their future finances," said Christina Kramer, Executive Vice President, Retail Distribution and Channel Strategy, CIBC. "It's encouraging to see more Manitoba and Saskatchewan 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 Manitoba and Saskatchewan residents' focus on paying down debt as the top financial priority for residents of Manitoba and Saskatchewan entering 2012, yet most Manitoba and Saskatchewan residents don't make the connection between getting financial advice to help them build a strategy to pay down their debt. Only 4 per cent of Manitoba and Saskatchewan 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 Manitoba and Saskatchewan residents entering the year, and there's clearly an opportunity for more residents of Manitoba and Saskatchewan 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:
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 Manitoba and Saskatchewan residents 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.
For further information:
Kevin Dove, Head of External Communications, 416-980-8835, [email protected]