Annual poll reveals Quebec residents more likely to set financial goals for 2012

MONTREAL, Jan. 3, 2012 /CNW/ - A new CIBC (CM:TSX) poll shows that as Quebec residents start the New Year they are generally positive about their current financial situation, though poll results show a small decline in that positive view compared to one year ago. The poll also reveals Quebec residents are increasingly seeing the value in setting financial goals for themselves, and are confident they'll reach their goals.

Key findings of the poll include:

• 64 per cent of Quebec residents say they feel positive about their current financial situation, similar to CIBC poll results released last year
• 60 per cent of Quebec residents say they are confident they will reach their financial goals vs. 66 per cent one year ago
• Residents of Quebec are increasingly seeing the value in setting goals with 67 per cent saying it's more important today than it was five years ago to set financial goals for yourself
• Quebec residents are also taking their own advice and setting goals for the year with 51 per cent of respondents saying they regularly set financial goals for themselves vs 42 per cent one year ago

"Quebec residents are entering 2012 with a generally positive view on their finances, although they are somewhat less confident about reaching their financial goals than they were a year ago," said Christina Kramer, Executive Vice President, Retail Distribution and Channel Strategy, CIBC. "It's encouraging to see more residents of Quebec recognizing the importance of setting financial goals for themselves, as part of an overall financial plan."

Nationally across age groups, confidence in achieving financial goals was generally strong, 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."

CIBC research released last week highlighted Quebec residents' focus on paying down debt as the top financial priority for residents of Quebec entering 2012, yet most Quebec residents don't make the connection between getting financial advice to help them build a strategy to pay down their debt. Only 7 per cent of Quebec residents think about debt management as the topic of a conversation with a financial advisor.

"We know that debt management is a top priority among Quebec residents entering the year, and there's an opportunity for more residents of Quebec to have a conversation with an advisor about how they can accelerate their debt repayment strategy in 2012," added Ms. Kramer.

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 500 Quebec residents surveyed is +/-4.4%, 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.