Poll Shows Fewer Canadians Optimistic About Their Finances This Year

This article was last updated on April 16, 2022

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An annual poll conducted by Neilsen poll for CIBC has shown that Canadians’ hope that they will be able to meet their current financial goals is still declining. The poll results showed that only two-thirds of Canadians are of the opinion they will be able to reach their financial goals in the New Year. Compared to last year, the figure is down from 76 per cent and the lowest percentage in 5 years.

In addition to that, the poll further identified that least confident respondents were Canadians in the 45-to-54 age bracket, since only 58 per cent seemed confident about reaching their financial goals, i.e. down from 77 per cent last year. However, the response of those aged 25 to 44 was almost the same, i.e. 75 per cent this year and 76 per cent a year ago. The single biggest concern for Canadian consumers is paying down debt.

CIBC executive vice-president of retail and business banking, Christina Kramer, stated that “the decline in confidence among boomers is the most significant we’ve seen in five years.” She explained that “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.” Ms. Kramer alleged that “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.”