Welcome!

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
Without lifecycle traceability and visibility across the tool chain, stakeholders from Planning-to-Ops have limited insight and answers to who, what, when, why and how across the DevOps lifecycle. This impacts the ability to deliver high quality software at the needed velocity to drive positive business outcomes. In his general session at @DevOpsSummit at 19th Cloud Expo, Eric Robertson, General Manager at CollabNet, will discuss how customers are able to achieve a level of transparency that e...
It is ironic, but perhaps not unexpected, that many organizations who want the benefits of using an Agile approach to deliver software use a waterfall approach to adopting Agile practices: they form plans, they set milestones, and they measure progress by how many teams they have engaged. Old habits die hard, but like most waterfall software projects, most waterfall-style Agile adoption efforts fail to produce the results desired. The problem is that to get the results they want, they have to ch...
For far too long technology teams have lived in siloes. Not only physical siloes, but cultural siloes pushed by competing objectives. This includes informational siloes where business users require one set of data and tech teams require different data. DevOps intends to bridge these gaps to make tech driven operations more aligned and efficient.
Organizations planning enterprise data center consolidation and modernization projects are faced with a challenging, costly reality. Requirements to deploy modern, cloud-native applications simultaneously with traditional client/server applications are almost impossible to achieve with hardware-centric enterprise infrastructure. Compute and network infrastructure are fast moving down a software-defined path, but storage has been a laggard. Until now.
"Venafi has a platform that allows you to manage, centralize and automate the complete life cycle of keys and certificates within the organization," explained Gina Osmond, Sr. Field Marketing Manager at Venafi, in this SYS-CON.tv interview at DevOps at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
"We're focused on how to get some of the attributes that you would expect from an Amazon, Azure, Google, and doing that on-prem. We believe today that you can actually get those types of things done with certain architectures available in the market today," explained Steve Conner, VP of Sales at Cloudistics, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
DXWorldEXPO LLC announced today that the upcoming DXWorldEXPO | CloudEXPO New York event will feature 10 companies from Poland to participate at the "Poland Digital Transformation Pavilion" on November 12-13, 2018.
Without a clear strategy for cost control and an architecture designed with cloud services in mind, costs and operational performance can quickly get out of control. To avoid multiple architectural redesigns requires extensive thought and planning. Boundary (now part of BMC) launched a new public-facing multi-tenant high resolution monitoring service on Amazon AWS two years ago, facing challenges and learning best practices in the early days of the new service.
Digital Transformation is much more than a buzzword. The radical shift to digital mechanisms for almost every process is evident across all industries and verticals. This is often especially true in financial services, where the legacy environment is many times unable to keep up with the rapidly shifting demands of the consumer. The constant pressure to provide complete, omnichannel delivery of customer-facing solutions to meet both regulatory and customer demands is putting enormous pressure on...
The best way to leverage your CloudEXPO | DXWorldEXPO presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering CloudEXPO | DXWorldEXPO will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at CloudEXPO. Product announcements during our show provide your company with the most reach through our targeted audienc...
With 10 simultaneous tracks, keynotes, general sessions and targeted breakout classes, @CloudEXPO and DXWorldEXPO are two of the most important technology events of the year. Since its launch over eight years ago, @CloudEXPO and DXWorldEXPO have presented a rock star faculty as well as showcased hundreds of sponsors and exhibitors!
In an era of historic innovation fueled by unprecedented access to data and technology, the low cost and risk of entering new markets has leveled the playing field for business. Today, any ambitious innovator can easily introduce a new application or product that can reinvent business models and transform the client experience. In their Day 2 Keynote at 19th Cloud Expo, Mercer Rowe, IBM Vice President of Strategic Alliances, and Raejeanne Skillern, Intel Vice President of Data Center Group and ...
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smart...
In his Opening Keynote at 21st Cloud Expo, John Considine, General Manager of IBM Cloud Infrastructure, led attendees through the exciting evolution of the cloud. He looked at this major disruption from the perspective of technology, business models, and what this means for enterprises of all sizes. John Considine is General Manager of Cloud Infrastructure Services at IBM. In that role he is responsible for leading IBM’s public cloud infrastructure including strategy, development, and offering m...
DXWorldEXPO LLC announced today that All in Mobile, a mobile app development company from Poland, will exhibit at the 22nd International CloudEXPO | DXWorldEXPO. All In Mobile is a mobile app development company from Poland. Since 2014, they maintain passion for developing mobile applications for enterprises and startups worldwide.