Canadians feel secure about meeting financial goals

Three-quarters of Canadians are confident they’ll reach their financial goals, part of a 4-year trend of increasing confidence in their financial future, shows a CIBC poll.

But Canadians’ feelings about their current financial situations haven’t changed: 70% say they feel positive about their finances today, a number that has increased 1% since 2011.

Among the most optimistic are Canadians 65 or older; 81% are confident about meeting their goals, and 79% are positive about their current financial situation.

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Regionally, 84% of Albertans are confident about their goals, and 82% are positive about their financial situation going into 2014, making them the most optimistic in the country.

Considering Canadians’ confidence in their current financial situations haven’t changed much over the past three years, it could be due to a lack of results, says CIBC. For example, paying down debt, has consistently been noted as a priority by Canadians, yet it remains a key financial concern in 2014.

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“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,” says Christina Kramer, executive vice president, retail distribution and channel strategy at CIBC.

Regional confidence in meeting financial goals

Confidence meeting financial goals, by age

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Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.