Innovation

Canadians Upbeat About Personal Finances

An increasing number of Canadians feel confident about both their current financial situation and reaching future financial goals

Written by Melissa Campeau

Despite mixed—and often gloomy—forecasts about the national and global economies for 2013, Canadians are feeling fairly secure about their personal finances. A new CIBC poll conducted by Harris/Decima shows 70% of Canadians feel positive about their current financial situation, an increase of 6% from 2012, bringing the number back in line with the 2011 result of 69%.

Residents of Ontario (74%) and the Prairies (75%) are among the most positive in the country when it comes to their current financial situation. The poll also noted that respondents who had recently met with a financial advisor reported being significantly more confident than those who hadn’t.

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When looking ahead, Canadians are even more upbeat, with 74% of respondents saying they’re confident they’ll reach their future financial goals, up from 72% last year and 71% in 2011. Regionally, residents of the Prairies (84%) and Alberta (82%) were among the most confident about reaching their future financial goals.

“Canadians are entering 2013 with a more positive outlook on their finances today, and with the confidence that they can reach their long-term financial goals,” says Christina Kramer, executive vice president of retail distribution and channel strategy at 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 make progress towards the things that matter most to you.”

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Canadians are increasingly seeing the value in setting goals, with 76% saying it’s more important today than it was five years ago. More Canadians are also taking their own advice and establishing goals for the year, with 61% of respondents saying they generally set financial goals for themselves, compared to 51% two years ago.

Across age groups, confidence in achieving future financial goals was generally strong, although there were some notable differences. For example, among Canadians aged 18 to 34, 73% say they are confident they will reach their future financial goals €“ a decline of 5% from last year. Conversely, Canadians aged 55 to 64 saw a gain in confidence entering the new year, with 75% saying they are confident they will reach their future financial goals compared to just 68% last year.

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Originally appeared on PROFITguide.com