Canadian Less Confident in Reaching Financial Goals

2015-800

A new CIBC polls shows Canadians aren’t as confident about their reaching their financial goals as they have been in past years.

The poll, conducted by Nielsen, finds 65% of Canadians are confident about reaching financial goals in 2015, down from 76% last year.   This is the lowest confidence level in the last 5 years of polling.

Christina Kramer is EVP, Retail and business Banking for CIBC.  She says:

“We are seeing a real conflict among Canadians close to retirement, who are trying to balance their short term need to reduce debt with the longer term goal to save for the retirement they want. As Canadians approach traditional retirement age it can be a challenge to keep focused on both, and that can impact their overall confidence in their future finances.

This decline in confidence among boomers is the most significant we’ve seen in five years. As each year goes by and boomers increasingly focus on debt reduction as an immediate priority, they also get closer to retirement without a long term plan in place that will deliver the retirement they are looking for.”

 

Other findings:

  • Canadians aged 45-54 were among the least confident this year, with only 58 per cent feeling confident about reaching their financial goals, a decrease from 77 per cent in the same age group just last year
  • Among Canadians aged 55-64, 61 per cent feel confident about reaching their financial goals, down from 74 per cent last year
  • By comparison, 75 per cent of Canadians aged 25-44 said they are confident they will reach their financial goals, relatively unchanged from a year ago (76 per cent)

You can read the full report here.