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
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
Actian Corporation has announced the latest version of the Actian Vector in Hadoop (VectorH) database, generally available at the end of July. VectorH is based on the same query engine that powers Actian Vector, which recently doubled the TPC-H benchmark record for non-clustered systems at the 3000GB scale factor (see tpc.org/3323). The ability to easily ingest information from different data sources and rapidly develop queries to make better business decisions is becoming increasingly importan...
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices 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 business opportuni...
Qosmos has announced new milestones in the detection of encrypted traffic and in protocol signature coverage. Qosmos latest software can accurately classify traffic encrypted with SSL/TLS (e.g., Google, Facebook, WhatsApp), P2P traffic (e.g., BitTorrent, MuTorrent, Vuze), and Skype, while preserving the privacy of communication content. These new classification techniques mean that traffic optimization, policy enforcement, and user experience are largely unaffected by encryption. In respect wit...
Deploying applications in hybrid cloud environments is hard work. Your team spends most of the time maintaining your infrastructure, configuring dev/test and production environments, and deploying applications across environments – which can be both time consuming and error prone. But what if you could automate provisioning and deployment to deliver error free environments faster? What could you do with your free time?
SYS-CON Events announced today that Hitrons Solutions will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Hitrons Solutions Inc. is distributor in the North American market for unique products and services of small and medium-size businesses, including cloud services and solutions, SEO marketing platforms, and mobile applications.
Smart Cities are here to stay, but for their promise to be delivered, the data they produce must not be put in new siloes. In his session at @ThingsExpo, Mathias Herberts, Co-founder and CTO of Cityzen Data, will deep dive into best practices that will ensure a successful smart city journey.
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
SYS-CON Events announced today that eCube Systems, a leading provider of middleware modernization, integration, and management solutions, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. eCube Systems offers a family of middleware evolution products and services that maximize return on technology investment by leveraging existing technical equity to meet evolving business needs. ...
DevOps at Cloud Expo – being held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Am...
Pulzze Systems was happy to participate in such a premier event and thankful to be receiving the winning investment and global network support from G-Startup Worldwide. It is an exciting time for Pulzze to showcase the effectiveness of innovative technologies and enable them to make the world smarter and better. The reputable contest is held to identify promising startups around the globe that are assured to change the world through their innovative products and disruptive technologies. There w...
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - comp...
DevOps at Cloud Expo, taking place Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long dev...
SYS-CON Events announced today that StarNet Communications will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. StarNet Communications’ FastX is the industry first cloud-based remote X Windows emulator. Using standard Web browsers (FireFox, Chrome, Safari, etc.) users from around the world gain highly secure access to applications and data hosted on Linux-based servers in a central data center. ...
Traditional on-premises data centers have long been the domain of modern data platforms like Apache Hadoop, meaning companies who build their business on public cloud were challenged to run Big Data processing and analytics at scale. But recent advancements in Hadoop performance, security, and most importantly cloud-native integrations, are giving organizations the ability to truly gain value from all their data. In his session at 19th Cloud Expo, David Tishgart, Director of Product Marketing ...