Survey said fewer Canadians expect to achieve current financial goals

TORONTO – A survey conducted for CIBC (TSX:CM) finds 65 per cent of Canadians ended 2014 feeling confident about reaching their current financial goals.

But that result, from the poll conducted by Nielsen, is down from 76 per cent in the same survey at the end of 2013 and is the lowest figure in five years.

Respondents aged 45-54 were the least confident, with only 58 per cent feeling upbeat about their financial goals, down from 77 per cent the before.

Only 61 per cent of Canadians aged 55-64 were confident about their current financial goals, down from 74 per cent in the most recent survey.

By comparison, 75 per cent of Canadians aged 25-44 said they are confident of achieving their financial goals, relatively unchanged from a year earlier.

CIBC also said 63 per cent of Canadians said they feel positive about their current financial situation, down from 70 per cent in survey a year earlier.

“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,” said CIBC executive vice-president Christina Kramer.

“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.”

Nielson’s telephone survey of 1,014 Canadians was conducted between Nov. 13-17 and has a margin of error of plus or minus 3.1 per cent, 19 times out of 20.