THUNDER BAY – Business – Are you confident about your financial situation? Most Canadians are generally positive. A new CIBC (TSX: CM) poll conducted by Harris/Decima shows that as Canadians approach the New Year they are generally positive about their current financial situation, an increase of 6 per cent from a year ago. Canadians are also confident about achieving their future financial goals – a trend that was most prevalent among those who have met with an adviser in the last year.
“Canadians are entering 2013 with a more positive outlook on their finances today, and with the confidence that they can reach their long term financial goals,” 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 make progress towards the things that matter most to you.”
Key findings of this year’s poll include:
- The percentage of Canadians who say they feel positive about their current financial situation has increased over last year, and is now back to the levels seen in 2011:
- Residents of Ontario (74 per cent) and the Prairies (75 per cent) were among the most positive in the country when it comes to their current financial situation
- Percentage of Canadians who say they are confident they will reach their future financial goals:
- Regionally, residents of the Prairies (84 per cent) and Alberta (82 per cent) were among the most confident about reaching their future financial goals
- Canadians are increasingly seeing the value in setting goals with 76 per cent saying it’s 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 61 per cent of respondents saying they generally set financial goals for themselves, compared to 51 per cent two years ago
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 advisor were more likely to feel positive about their financial situation today (77 per cent) versus those who had not met with an advisor (65 per cent).
- They were also more likely to feel confident about reaching their future goals (79 per cent vs 70 per cent).
- 46 per cent of Canadians said they’ve met with an advisor sometime in the last year
“Setting up a conversation with an advisor early in 2013 will only require a small time investment, but as we’ve seen in these poll results, the benefits can be significant,” added Ms. Kramer. “One of the immediate benefits of that conversation is that you will gain a better understanding of where you stand today. Then you can lay out some realistic steps to help achieve your personal financial goals.”
Across age groups, confidence in achieving future financial goals was generally strong, although there were different views among some age groups.
- For example, among Canadians aged 18-34, 73 per cent say they are confident they will reach their future financial goals – a decline of 5 per cent from last year.
- Conversely, Canadians aged 55 to 64 saw a gain in confidence entering the new year with 75 per cent saying they are confident they will reach their future financial goalscompared tojust 68 per cent last year.