Canadians may be missing opportunities to get advice on some of their
top financial priorities from a financial advisor
TORONTO, Jan. 6 /CNW/ - Paying down debt is a top priority for Canadians
according to a recent CIBC Poll conducted by Harris/Decima, but there's
a significant difference in priorities depending on age with retirement
planning top of mind for Canadians aged 45 to 64.
When asked to name their top financial priority, the top three responses
from Canadians were:
Paying Down Debt (14 per cent)
Retirement Planning (13 per cent)
Managing Day to Day Spending and Budgeting (12 per cent)
Priorities vary across age groups:
Among 25 to 44 year-olds, 20 per cent named paying down debt as their
top financial priority right now, followed by getting the right advice
about their mortgage (13 per cent) and working to build savings for the
future (13 per cent).
Those 45 to 64 have a strong focus on getting their plans and savings in
place for retirement (24 per cent named this their top financial
priority) followed by paying down debt (14 per cent).
Managing day to day spending and budgeting was also a key theme in the
survey across all age groups. Those 65 and over placed a particular
emphasis on this, with 22 per cent of those surveyed over age 65 naming
this as their number one financial priority.
"It's no surprise to see that the financial needs of Canadians vary at
different stages of life, which speaks to the need for individual
financial advice based on your personal financial situation and your
goals," said Victor Dodig, Executive Vice-President of Retail
Distribution & Wealth Management, CIBC Retail Markets. "Clearly younger
Canadians are focused on staying on top of their monthly cash flow and
working to pay down their mortgage and other debts they may have, while
Canadians in mid-career or closer to retirement are more focused on
The survey also revealed that Canadians may be missing opportunities to
get advice about their financial priorities. When asked what comes to
mind when they think about a conversation with a financial advisor,
most Canadians mentioned Retirement Planning (27 per cent) or
Investment Advice (22 per cent). While paying down debt was identified
as a priority in the poll, only a small percentage thought about debt
reduction (4 per cent) or cash flow management (5 per cent) as the
topic of a conversation with a financial advisor.
"An advisor can certainly help many clients with their retirement or
choosing the right investments, but we're also seeing advisory
conversations every day across our branch network on topics related to
managing their cash flow using free budgeting tools, or developing
strategies to pay down their debt," added Mr. Dodig.
Mr. Dodig commented that taking an integrated view of your finances is
critical to accomplishing goals such as paying down debt. "One of the
first steps to making progress in reducing your debt is taking a broad
view of your finances and looking at strategies that can help you
reduce your debt faster."
CIBC Advisors can assist with a range of debt reduction strategies
including simple tips and integrated strategies to help you reduce debt
Reducing Interest Expenses- CIBC's Mortgage Switch offer allows clients to transfer their existing
mortgage to CIBC at a rate that may be lower than the rate they are
paying currently, while providing immediate cash back up front to help
mitigate any prepayment charges that may be charged by their current
lender. Locking in at a lower rate can reduce monthly interest charges,
allowing for more money to be directed to reducing principal, or
directed towards other financial goals such as debt reduction or
Consolidating high interest debt and paying your credit card in full
each month are also strategies that can reduce interest expenses,
improve cash flow, and support accelerated debt repayment.
Using active budgeting tools - Take advantage of services that update you regularly on your monthly
spending. CIBC CreditSmart credit management tools help track and
manage day-to-day spending by organizing purchases into 10 common
categories and will send you Spend Alerts that notify you when you've
exceeded your customized budget or are nearing your credit limit. CIBC
Mobile Banking gives clients an opportunity to check on their account
balance and activity anywhere they can use their mobile device to help
them stay on top of their day to day spending when they are on the go,
including checking on their account while they are out shopping.
Complete a CIBC Financial Health Check - A CIBC advisor can use the CIBC Financial HealthCheck to help you
reach your financial goals. Together you will determine where you are
financially, where you want to be, and how to get there. A conversation
with a CIBC advisor can help you identify and focus on your goals,
assess your current financial situation and develop relevant solutions
to help you work towards achieving what matters to you.
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.
For further information:
contact Kevin Dove, Senior Director, Communications and Public Affairs, 416-980-8835 or firstname.lastname@example.org