SYS-CON MEDIA Authors: Adine Deford, Cynthia Dunlop, Harry Trott, Xenia von Wedel, Peter Silva

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CIBC Poll: Confidence Growing as Canadians Take Stock of their 2014 Finances

While confidence in reaching financial goals is on the rise, Canadians' view of their current finances has remained the same over a 4 year period

TORONTO, Jan. 22, 2014 /CNW/ - A new CIBC (TSX: CM) (NYSE: CM) poll conducted by Harris/Decima shows that 76 per cent of Canadians feel confident they will reach their financial goals as they start 2014, part of a 4-year trend of increasing confidence in their financial future. Although confidence in reaching goals is increasing, Canadians' feelings about their current financial situation have not changed. 70 per cent say they feel positive about their finances today, a number that has not increased measurably compared to the same poll in 2011.

Key findings of this year's poll include:

  • The percentage of Canadians who say they feel confident about meeting their financial goals has grown steadily over 4 years
         
                      2014  2013   2012    2011
  76% 74% 72% 71%

  • The percentage of Canadians who say they feel positive about their current financial situation remained the same as last year, and has not changed materially since 2011 findings:
         
                       2014    2013     2012   2011
  70% 70% 64% 69%



  • Canadians aged 65 or older were among the age groups most confident about meeting their financial goals ( 81 per cent), and the most positive about their current financial situation (79 per cent)

  • Regionally, residents of Alberta were among the nation's most confident when it comes to their financial goals (84 per cent), and the most positive about their financial situation going into 2014 (82 per cent)

"It is encouraging that Canadians are more confident about reaching their financial goals in 2014," said Christina Kramer, Executive Vice President, Retail Distribution and Channel Strategy, CIBC. "The next step is to turn that confidence into action by putting plans in place at the start of the year that will help you achieve what matters to you."

While confidence in the future is climbing, Canadians feel much the same about their current financial situation as they did 3 years ago - suggesting that while Canadians want to take positive steps in managing their money, some may be having some difficulty getting results.

One example is paying down debt, which has consistently been noted in CIBC research as a priority by Canadians, yet it remains a key financial concern in 2014.

"The fact that debt reduction has been top of mind for many Canadians for a number of years in a row suggests that some Canadians are not making as much progress against their debt reduction goals as they would like," Ms. Kramer added.  "Now is the time to put a plan in place that will help you feel more positive about your finances 12 months from now through some measurable progress in 2014."

Talking about money builds confidence

The poll results also suggest a simple starting point for improving your view of your finances - talk about it with someone who can help:

  • Canadians who met with an advisor in the past year were more likely to feel confident about achieving their financial goals (82 per cent), compared to those who had not met with an advisor (71 per cent)

  • Those who met with advisor were also more likely to feel positive about their financial situation today (78 per cent) versus those who had not (64 per cent)

  • However, only 47 per cent of Canadians said they've met with an advisor sometime in the last year

"Meeting with a financial advisor will help you gain a better understanding of your current financial situation, which can lead to a more positive outlook," Ms. Kramer comments. "It is a small investment in terms of time, but it is an important first step in developing a realistic plan to help achieve your personal financial goals."

KEY POLL FINDINGS

Percentage of Canadians who are confident they will meet their financial goals, by region:

  2014 2013 2012 2011
National Average 76% 74% 72% 71%
Atlantic Canada 78% 74% 78% 72%
Quebec 68% 64% 60% 66%
Ontario 77% 78% 76% 70%
Manitoba/Saskatchewan 79% 84% 78% 69%
Alberta 84% 82% 85% 77%
British Columbia 80% 72% 70% 78%

Percentage of Canadians who are confident they will meet their financial goals, by age:

  2014 2013 2012 2011
National Average 76% 74% 72% 71%
18-24 76% 73% 78% 76%
25-34 79% 74% 78% 75%
35-44 72% 75% 74% 69%
45-54 77% 74% 70% 71%
55-64 74% 75% 68% 69%
65 and over 81% 74% 70% 69%

Percentage of Canadians feeling positive about their current financial situation, by region:

  2014 2013 2012 2011
National Average 70% 70% 64% 69%
Atlantic Canada 67% 65% 61% 72%
Quebec 71% 68% 64% 67%
Ontario 69% 74% 66% 67%
Manitoba/Saskatchewan 70% 75% 70% 73%
Alberta 82% 69% 72% 73%
British Columbia 67% 65% 54% 72%

Percentage of Canadians feeling positive about their current financial situation, by age:

  2014 2013 2012 2011
National Average 70% 70% 64% 69%
18-24 59% 69% 69% 66%
25-34 68% 67% 58% 73%
35-44 66% 71% 69% 68%
45-54 73% 70% 63% 68%
55-64 73% 69% 65% 69%
65 and over 79% 73% 66% 70%

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 2060 Canadians between October 25 and November 4, 2013. A sample of this size has a margin of error of +/-2.2%, 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 Media Centre on our corporate website at www.cibc.com

 

SOURCE CIBC

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