Most Canadians (65%) are confident they’ll reach their financial goals this year, says a new CIBC poll.
However, that’s a decline over last year when the poll found 76% were optimistic about the year ahead. The drop is mostly due to people aged 45 and up being worried about their finances (only 58% were confident, compared to 77% in 2014).
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Meanwhile, the majority of younger Canadians (75%) remain confident about their futures, compared to 76% last year.
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Debt is top concern
Paying down debt is the number one financial priority for Canadians for the fifth year in a row, adds CIBC.
It finds those nearing retirement are focused most on debt, on average. “Canadians close to retirement […] are trying to balance their short-term need to reduce debt with their longer-term goal to save for retirement,” says Christina Kramer, executive vice-president of Retail and Business Banking at CIBC.
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That’s why the “decline in confidence among boomers is the most significant we’ve seen in five years,” she adds. “As [they] increasingly focus on debt reduction as an immediate priority, they also get closer to retirement without long-term plan[s] in place.”
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Key findings
Percentage of Canadians who are confident they’ll meet their goals, by region:
2015 | 2014 | 2013 | 2012 | 2011 | |
National | 65% | 76% | 74% | 72% | 71% |
Atlantic Canada | 66% | 78% | 74% | 78% | 72% |
Quebec | 50% | 68% | 64% | 60% | 66% |
Ontario | 66% | 77% | 78% | 76% | 70% |
Manitoba/Saskatchewan | 75% | 79% | 84% | 78% | 69% |
Alberta | 77% | 84% | 82% | 85% | 77% |
British Columbia | 72% | 80% | 72% | 70% | 78% |
Percentage of Canadians who are confident they’ll meet their goals, by age:
2015 | 2014 | 2013 | 2012 | 2011 | |
National | 65% | 76% | 74% | 72% | 71% |
18-24 | 62% | 76% | 73% | 78% | 76% |
25-34 | 77% | 79% | 74% | 78% | 75% |
35-44 | 72% | 72% | 75% | 74% | 69% |
45-54 | 58% | 77% | 74% | 70% | 71% |
55-64 | 61% | 74% | 75% | 68% | 69% |
65+ | 60% | 81% | 74% | 70% | 69% |
Percentage of Canadians who feel positive about their current financial situation, by region:
2015 | 2014 | 2013 | 2012 | 2011 | |
National | 63% | 70% | 70% | 64% | 69% |
Atlantic Canada | 67% | 67% | 65% | 61% | 72% |
Quebec | 57% | 71% | 68% | 64% | 67% |
Ontario | 61% | 69% | 74% | 66% | 67% |
Man/ Saskatchewan | 65% | 70% | 75% | 70% | 73% |
Alberta | 68% | 82% | 69% | 72% | 73% |
British Columbia | 74% | 67% | 65% | 54% | 72% |
Percentage of Canadians who feel positive about their current financial situation, by age:
2015 | 2014 | 2013 | 2012 | 2011 | |
National | 63% | 70% | 70% | 64% | 69% |
18-24 | 56% | 59% | 69% | 69% | 66% |
25-34 | 69% | 68% | 67% | 58% | 73% |
35-44 | 65% | 66% | 71% | 69% | 68% |
45-54 | 58% | 73% | 70% | 63% | 68% |
55-64 | 59% | 73% | 69% | 65% | 69% |
65+ | 72% | 79% | 73% | 66% | 70% |