Skip to Content
News Releases
Canadians are prioritizing financial wellness, yet aren't seeking professional advice in 2022: CIBC Poll

Less than half of Canadians are confident about their retirement

TORONTO, March 16, 2022 /CNW/ - Two years after the global pandemic began disrupting the lives of Canadians including their finances, a new CIBC study finds that a majority of Canadians (75 per cent) are making their financial wellness a priority in 2022, yet 82 per cent of Canadians did not have a retirement planning discussion with a professional this year, including only 5 per cent who expect to have such a conversation this year, putting their long-terms plans at risk.

"After a challenging few years with the pandemic, it's great to see Canadians focusing on their financial wellness, however there is value in long-term planning and professional advice that many Canadians are missing out on. Financial advisors can help Canadians to prioritize their goals and achieve their future ambitions, no matter the time horizon," said Carissa Lucreziano, Vice-President, CIBC Financial and Investment Advice.

Doubts about retirement more prevalent among women

The survey also found that the vast majority of non-retirees (88 per cent) do not have a formal or detailed retirement plan, and less than half (43 per cent) of Canadians are confident they are saving enough for their future retirement, with women (38 per cent) more likely than men (29 per cent) to indicate that they do not have an investment portfolio.

More than one-third (35 per cent) of women don't know how much savings they need to retire and 32 per cent don't know at what age they'll hang up their working hats for good. These numbers are lower for men, with 21 per cent responding they don't know how much savings they will need and 23 per cent don't know when they will retire.

"No one wants to be a financial burden to their loved ones in their retirement years, yet many are not confident they are saving enough to retire how and when they want. This tells us many Canadians, especially women, can benefit from a conversation with a financial advisor," added Ms. Lucreziano.

Upcoming virtual event

To help Canadians gain confidence with their finances and broader life goals, CIBC is hosting a free webinar (in English and French) on March 30th. The event will feature leading experts sharing evolving trends impacting women today, advice on navigating your career, steps to grow your savings and investments and goal setting tips to help transform your mind, body and life.

To register for Empowering women in our new normal, visit the website here:

CIBC Poll Key Findings

  • 55 per cent of Canadians believe their overall wellness is directly related to their finances, and 75 per cent indicate that their financial wellness is a priority
  • Only 5 per cent of Canadians expect to have a retirement planning discussion with a staff member or financial advisor at their bank in 2022 after not having one in 2021
  • COVID-19 has had little impact on approaches to investing, as most investors (79 per cent believe their strategy has remained the same since the onset of the pandemic
  • Behaviour changes are more common among young people, with 30 per cent of those aged 18-34 indicating that their investment approach has changed (vs. 14 per cent among older cohorts)
  • The vast majority of non-retirees (88 per cent) do not have a formal and detailed plan for retirement
  • Only half (52 per cent) of Canadians say they are confident about the retirement plan they have in place, and less than half (43 per cent) are confident that they are saving enough to retire how and when they want
  • 83 per cent of Canadians indicated they did not want to be a burden to their loved ones in their retirement years

About CIBC

CIBC is a leading North American financial institution with 11 million personal banking, business, public sector and institutional clients. Across Personal and Small Business Banking, Commercial Banking and Wealth Management, and Capital Markets businesses, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world. Ongoing news releases and more information about CIBC can be found at


These are some of the findings released by Maru Public Opinion from a survey undertaken overnight on January 24, 2022, by the sample and data management experts at Maru/Blue. The survey was of 1,519 randomly selected Canadian adults who are Maru Voice Canada online panelists. For comparison purposes, a probability sample of this size has an estimated margin of error (which measures sampling variability) of +/- 2.5%, 19 times out of 20. The results have been weighted by education, age, gender and region (and in Quebec, language) to match the population, according to Census data. This is to ensure the sample is representative of the entire adult population of Canada. Discrepancies in or between totals are due to rounding.


For further information: Kira Smylie, 416-980-2949 or