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
DevOps tends to focus on the relationship between Dev and Ops, putting an emphasis on the ops and application infrastructure. But that’s changing with microservices architectures. In her session at DevOps Summit, Lori MacVittie, Evangelist for F5 Networks, will focus on how microservices are changing the underlying architectures needed to scale, secure and deliver applications based on highly distributed (micro) services and why that means an expansion into “the network” for DevOps.
In his session at Cloud Expo, Alan Winters, an entertainment executive/TV producer turned serial entrepreneur, will present a success story of an entrepreneur who has both suffered through and benefited from offshore development across multiple businesses: The smart choice, or how to select the right offshore development partner Warning signs, or how to minimize chances of making the wrong choice Collaboration, or how to establish the most effective work processes Budget control, or how to max...
Interoute has announced the integration of its Global Cloud Infrastructure platform with Rancher Labs’ container management platform, Rancher. This approach enables enterprises to accelerate their digital transformation and infrastructure investments. Matthew Finnie, Interoute CTO commented “Enterprises developing and building apps in the cloud and those on a path to Digital Transformation need Digital ICT Infrastructure that allows them to build, test and deploy faster than ever before. The int...
China Unicom exhibit at the 19th International Cloud Expo, which took place at the Santa Clara Convention Center in Santa Clara, CA, in November 2016. China United Network Communications Group Co. Ltd ("China Unicom") was officially established in 2009 on the basis of the merger of former China Netcom and former China Unicom. China Unicom mainly operates a full range of telecommunications services including mobile broadband (GSM, WCDMA, LTE FDD, TD-LTE), fixed-line broadband, ICT, data communica...
ChatOps is an emerging topic that has led to the wide availability of integrations between group chat and various other tools/platforms. Currently, HipChat is an extremely powerful collaboration platform due to the various ChatOps integrations that are available. However, DevOps automation can involve orchestration and complex workflows. In his session at @DevOpsSummit at 20th Cloud Expo, Himanshu Chhetri, CTO at Addteq, will cover practical examples and use cases such as self-provisioning infra...
SYS-CON Events announced today that Ocean9will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Ocean9 provides cloud services for Backup, Disaster Recovery (DRaaS) and instant Innovation, and redefines enterprise infrastructure with its cloud native subscription offerings for mission critical SAP workloads.
MongoDB Atlas leverages VPC peering for AWS, a service that allows multiple VPC networks to interact. This includes VPCs that belong to other AWS account holders. By performing cross account VPC peering, users ensure networks that host and communicate their data are secure. In his session at 20th Cloud Expo, Jay Gordon, a Developer Advocate at MongoDB, will explain how to properly architect your VPC using existing AWS tools and then peer with your MongoDB Atlas cluster. He'll discuss the secur...
Things are changing so quickly in IoT that it would take a wizard to predict which ecosystem will gain the most traction. In order for IoT to reach its potential, smart devices must be able to work together. Today, there are a slew of interoperability standards being promoted by big names to make this happen: HomeKit, Brillo and Alljoyn. In his session at @ThingsExpo, Adam Justice, vice president and general manager of Grid Connect, will review what happens when smart devices don’t work togethe...
Building a cross-cloud operational model can be a daunting task. Per-cloud silos are not the answer, but neither is a fully generic abstraction plane that strips out capabilities unique to a particular provider. In his session at 20th Cloud Expo, Chris Wolf, VP & Chief Technology Officer, Global Field & Industry at VMware, will discuss how successful organizations approach cloud operations and management, with insights into where operations should be centralized and when it’s best to decentraliz...
SYS-CON Events announced today that Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Juniper Networks challenges the status quo with products, solutions and services that transform the economics of networking. The company co-innovates with customers and partners to deliver automated, scalable and secure network...
Deep learning has been very successful in social sciences and specially areas where there is a lot of data. Trading is another field that can be viewed as social science with a lot of data. With the advent of Deep Learning and Big Data technologies for efficient computation, we are finally able to use the same methods in investment management as we would in face recognition or in making chat-bots. In his session at 20th Cloud Expo, Gaurav Chakravorty, co-founder and Head of Strategy Development ...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
Imagine having the ability to leverage all of your current technology and to be able to compose it into one resource pool. Now imagine, as your business grows, not having to deploy a complete new appliance to scale your infrastructure. Also imagine a true multi-cloud capability that allows live migration without any modification between cloud environments regardless of whether that cloud is your private cloud or your public AWS, Azure or Google instance. Now think of a world that is not locked i...
Technology innovation is the driving force behind modern business and enterprises must respond by increasing the speed and efficiency of software delivery. The challenge is that existing enterprise applications are expensive to develop and difficult to modernize. This often results in what Gartner calls "Bimodal IT," where business struggle to apply modern tools and practices to traditional monolithic applications. But these existing assets can be modernized and made more efficient without havin...
Most companies are adopting or evaluating container technology - Docker in particular - to speed up application deployment, drive down cost, ease management and make application delivery more flexible overall. As with most new architectures, this dream takes a lot of work to become a reality. Even when you do get your application componentized enough and packaged properly, there are still challenges for DevOps teams to making the shift to continuous delivery and achieving that reduction in cost...