Financial Optimism Growing In Canada

With the holiday season in the rear view mirror, consumers from all over Canada are just now receiving their credit card bills detailing their holiday expenditures. Considering that many of these bills are higher than normal, it can be argued that consumer confidence throughout Canada grew last year, peaking during the holiday season.

Today, QMI Agency strengthened this suggestion by reporting that a recent poll found that 69 per cent of Canadians revealed that they feel positive about their current financial situations. In addition, the study found that Canucks are also optimistic about being able to meet their goals moving forward.

The recent poll, conducted by CIBC, also discovered that 71 per cent of Canadians view the setting of financial goals as more important today than it was five years ago. Evidently, the impact of the recent global recession has inspired the paying of greater attention to one’s financial situation.

Even still, the poll found that just half of those polled have actually set targets for themselves. Of those Canadians who are more financially-minded these days, the 25 to 44-year-old age bracket is the most likely to have goals set in place. Clearly, it makes sense to begin thinking about your finances if you haven’t done so already.

Said Victor Dodig, the executive vice-president of retail distribution and wealth management for CIBC Retail Markets: “It is encouraging to see that most Canadians are positive about their current financial situation and are increasingly aware of the importance of setting and working towards personal financial goals.”

As we often encourage Canadian business owners, it is important to discuss your finances with a specialist. The CIBC poll found that nearly 61 per cent of Canadians who met with a financial advisor last year now have financial goals set in place. Meanwhile, only 41 per cent of those who did not meet with an advisor have a set plan.

77 per cent of those polled admitted that after a consultation, they were more confident about reaching their financial targets. 66 per cent of those who never had such a meeting feel the same sense of confidence about their economic outlooks. QMI notes that over 2,000 Canadians were polled over the phone to come to these findings.