Annual poll reveals B.C. residents less positive about their current financial situation, but more likely to start taking charge of their finances through goal setting

VANCOUVER, Jan. 3, 2012 /CNW/ - A new CIBC (CM:TSX) poll shows that as British Columbians start the New Year they are generally confident about their future financial situation, though poll results show they are feeling less positive about their current financial situation compared to one year ago. The poll also reveals B.C. residents are increasingly seeing the value in setting financial goals for themselves entering 2012.

Key findings of the poll include:

• 70 per cent of B.C. residents say they are confident they will reach their financial goals vs. 79 per cent one year ago
• 54 per cent of British Columbians say they feel positive about their current financial situation, a decline of 18 per cent compared to one year ago
• British Columbians are increasingly seeing the value in setting goals with 74 per cent saying it's more important today than it was five years ago to set financial goals for yourself
• B.C. residents are also taking their own advice and setting goals for the year with 59 per cent of respondents saying they regularly set financial goals for themselves vs. 53 per cent one year ago

"B.C. residents are entering 2012 with a generally confident outlook on their future finances, although they are somewhat less positive about their current financial situation than they were a year ago," said Christina Kramer, Executive Vice President, Retail Distribution and Channel Strategy, CIBC. "It's encouraging to see more B.C. residents recognizing the importance of setting financial goals for themselves, and a good level of confidence in achieving those goals."

Nationally across age groups, confidence in achieving financial goals was generally high, although there is a declining trend with age. For example, among Canadians aged 18-34 78 per cent say they are confident they will reach their financial goals, however Canadians nearer to retirement between the ages 55 to 64 were somewhat less likely to be confident, at 68 per cent.

The poll also revealed that one of the keys to a positive outlook on your finances is having a discussion with a financial advisor:

• Canadians who met with a financial advisor sometime in the last 12 months were more likely to feel positive about their financial situation today (69 per cent) versus those who had not met with an advisor (60 per cent).
• They were also more likely to feel confident about reaching their future goals (77 per cent vs 69 per cent).

"Discussing your financial goals with an advisor is an opportunity to take an integrated view of your overall financial situation today and lay out a realistic plan to achieve what matters to you in the coming years," added Ms. Kramer.  "One of the immediate benefits of that conversation is that you gain a better understanding of where you stand today and have a better sense of the steps you can take to start making progress towards the goals you've set for yourself."

KEY POLL FINDINGS

Percentage of Canadians who are confident they will reach their financial goals, by region:

Percentage of Canadians who are confident they will reach their financial goals, by age:

Percentage of Canadians feeling positive about their current financial situation today, by region:

Percentage of Canadians feeling positive about their current financial situation today, by age:

Percentage of Canadians that generally set financial goals or objectives each year, by region:

Each week, Harris/Decima interviews just over 1000 Canadians through teleVox, the company's national telephone omnibus survey.

These data were gathered in a sample of 2,015 Canadians between November 10th to 21st, 2011. A sample of this size has a National margin of error of +/-2.2%, 19 times out of 20. The margin of error for the 250 B.C. residents interviewed is +/-6.2%, 19 times out of 20. 

CIBC is a leading North American financial institution with nearly 11 million personal banking and business clients. CIBC offers a full range of products and services through its comprehensive electronic banking network, branches and offices across Canada, and has offices in the United States and around the world. You can find other news releases and information about CIBC in our Press Centre on our corporate website at www.cibc.com.