67 per cent of Canadians have re-evaluated their priorities since the start of the pandemic
TORONTO, Sept. 13, 2022 /CNW/ - A new CIBC poll finds the last two years of the pandemic have brought about big life changes for Canadians and many have used this time of transformation to re-evaluate what matters most and to make significant changes in their lives.
Those changes include changing employment (17 per cent), moving to a new home (12 per cent), and acquiring a new pet (11 per cent). Despite these big events, nearly half of Canadians (46 per cent) are still looking to make a substantial life change and over half (55 per cent) believe their current financial position is holding them back from making changes in their lives. Only 52 per cent of Canadians feel they will achieve their list of big ambitions with 75 per cent saying they are now more focused on smaller, more practical goals instead because of current macro-economic conditions.
"Many people used the pandemic as an opportunity to rethink their priorities, " said Carissa Lucreziano, Vice-President, CIBC Financial and Investment Advice. "But with the cost of living on the rise, it can be easy for Canadians to lose sight of long-term goals without the guidance of a professional to help keep them on track."
Since the beginning of the pandemic, many (62 per cent) Canadians say they are happy with the life changes they have made so far, but they acknowledge there are still areas of their life that could benefit from professional advice. Yet very few (24 per cent) of Canadians expect to meet with an advisor to seek professional advice and discuss their financial goals and priorities.
- 27 per cent say investing
- 21 per cent say retirement planning
- 19 per cent say wills or estate planning
- 14 per cent say help with budgeting/saving
- 14 per cent say help with paying down debt
"Regardless of whether you're focused on a short term goal, like getting your post-pandemic spending back on track or planning for the future by investing in your retirement, a financial professional is here to help you feel confident and achieve your ambitions," added Ms. Lucreziano.
Many Canadians (67 per cent) are reevaluating their priorities this year. Looking ahead to next year, some Canadians plan to travel in the 12 months (36 per cent), others are planning a large purchase (13 per cent) and 12 per cent are considering a change in employment.
- Better pay: 34 per cent
- Better benefits (e.g., vacation, health benefits, flexibility, etc.): 25 per cent
- Need for a life change: 24 per cent
- Need for a change in work environment/culture: 23 per cent
- Better work-life balance: 22 per cent
CIBC regularly hosts virtual events to help Canadians manage topics such as investing, saving, estate planning, and goal-setting for major life events like purchasing a home or renovating the one you already have. The next virtual event on September 15th features a conversation with Scott McGillivray about practical solutions to some of the biggest questions Canadians have about homeownership. To register, visit: https://na.eventscloud.com/ereg/newreg.php?eventid=698451&itrc=M657:1&
CIBC is a leading North American financial institution with 13 million personal banking, business, public sector and institutional clients. Across Personal and 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, with offices in the United States and around the world. Ongoing news releases and more information about CIBC can be found at www.cibc.com/en/about-cibc/media-centre.html
From August 2 to 3, 2022, a Maru Public Opinion online survey of 1,522 randomly selected Canadian adults who are Maru Voice Canada panelists was executed by the sample and data services experts at Maru/Blue. 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.