Click here to close now.

SYS-CON MEDIA Authors: Mike Kavis, Elizabeth White, John Treadway, SmartBear Blog, Liz McMillan

News Feed Item

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

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
What exactly is a cognitive application? In her session at 16th Cloud Expo, Ashley Hathaway, Product Manager at IBM Watson, will look at the services being offered by the IBM Watson Developer Cloud and what that means for developers and Big Data. She'll explore how IBM Watson and its partnerships will continue to grow and help define what it means to be a cognitive service, as well as take a look at the offerings on Bluemix. She will also check out how Watson and the Alchemy API team up to off...
The IoT Bootcamp is coming to Cloud Expo | @ThingsExpo on June 9-10 at the Javits Center in New York. Instructor. Registration is now available at http://iotbootcamp.sys-con.com/ Instructor Janakiram MSV previously taught the famously successful Multi-Cloud Bootcamp at Cloud Expo | @ThingsExpo in November in Santa Clara. Now he is expanding the focus to Janakiram is the founder and CTO of Get Cloud Ready Consulting, a niche Cloud Migration and Cloud Operations firm that recently got acquir...
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding bu...
How do you securely enable access to your applications in AWS without exposing any attack surfaces? The answer is usually very complicated because application environments morph over time in response to growing requirements from your employee base, your partners and your customers. In his session at 16th Cloud Expo, Haseeb Budhani, CEO and Co-founder of Soha, will share five common approaches that DevOps teams follow to secure access to applications deployed in AWS, Azure, etc., and the frict...
SYS-CON Media announced today that John Treadway’s blog has exceeded 475,000 page views. John Treadway, Vice President at Cloud Technology Partners, has surpassed 475,000 page views on the SYS-CON family of online magazines, which includes Cloud Computing Journal, Internet of Things Journal, Big Data Journal, Microservices Journal, and several others. His blog home page at SYS-CON can be found at JohnTreadway.SYS-CON.com.
SYS-CON Events announced today that Column Technologies, a global technology solutions company, will exhibit at SYS-CON's DevOps Summit 2015 New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. Established in 1998, Column Technologies is a leader in application performance and infrastructure management for commercial and federal markets. The company is headquartered in the United States, with a diverse and talented team of more than 350 employees around th...
ProfitBricks has launched its new DevOps Central and REST API, along with support for three multi-cloud libraries and a Python SDK. This, combined with its already existing SOAP API and its new RESTful API, moves ProfitBricks into a position to better serve the DevOps community and provide the ability to automate cloud infrastructure in a multi-cloud world. Following this momentum, ProfitBricks has also introduced several libraries that enable developers to use their favorite language to code ...
SYS-CON Events announced today that Blue Box has been named “Bronze Sponsor” of SYS-CON's DevOps Summit New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. Blue Box delivers Private Cloud as a Service (PCaaS) to a worldwide customer base. Built on a technology platform leveraging decades of operational expertise in cloud and distributed systems, Blue Box Cloud is a managed private cloud product available in both hosted and on-prem versions. Each Blue Box ...
SYS-CON Events announced today Sematext Group, Inc., a Brooklyn-based Performance Monitoring and Log Management solution provider, will exhibit at SYS-CON's DevOps Summit 2015 New York, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Sematext is a globally distributed organization that builds innovative Cloud and On Premises solutions for performance monitoring, alerting and anomaly detection (SPM), log management and analytics (Logsene), search analytics (S...
SYS-CON Events announced today Isomorphic Software, the global leader in high-end, web-based business applications, will exhibit at SYS-CON's DevOps Summit 2015 New York, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Isomorphic Software is the global leader in high-end, web-based business applications. We develop, market, and support the SmartClient & Smart GWT HTML5/Ajax platform, combining the productivity and performance of traditional desktop software ...
SYS-CON Events announced today Arista Networks will exhibit at SYS-CON's DevOps Summit 2015 New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. Arista Networks was founded to deliver software-driven cloud networking solutions for large data center and computing environments. Arista’s award-winning 10/40/100GbE switches redefine scalability, robustness, and price-performance, with over 3,000 customers and more than three million cloud networking ports depl...
SYS-CON Events announced today that SoftLayer, an IBM company, has been named “Gold Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place June 9-11, 2015 at the Javits Center in New York City, NY, and the 17th International Cloud Expo®, which will take place November 3–5, 2015 at the Santa Clara Convention Center in Santa Clara, CA. SoftLayer operates a global cloud infrastructure platform built for Internet scale. With a global footprint of data centers and network points...
SYS-CON Events announced today that Cisco, the worldwide leader in IT that transforms how people connect, communicate and collaborate, has been named “Gold Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Cisco makes amazing things happen by connecting the unconnected. Cisco has shaped the future of the Internet by becoming the worldwide leader in transforming how people connect, communicate and collaborat...
SYS-CON Events announced today that Liaison Technologies, a leading provider of data management and integration cloud services and solutions, has been named "Silver Sponsor" of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York, NY. Liaison Technologies is a recognized market leader in providing cloud-enabled data integration and data management solutions to break down complex information barriers, enabling enterprises to make sm...
SYS-CON Media announced today that Blue Box as launched a popular blog feed on Cloud Computing Journal. Cloud Computing Journal aims to help open the eyes of Enterprise IT professionals to the economics and strategies that utility/cloud computing provides. Blue Box Cloud gives you unequaled agility, without the burden of designing, deploying and managing your own infrastructure. It’s the right choice when public cloud just won’t do. Blue Box Cloud is a managed Private Cloud as a Service (...