The Canadian Press
TORONTO—A new poll from CIBC suggests some millennials and “Generation Xers” are losing confidence in their ability to meet their financial goals over the next year.
CIBC says 73 percent of the Canadians it polled say they are confident they will meet their financial goals over the next 12 months, down from 80 percent in December when the bank conducted a similar poll.
The survey, conducted by Angus Reid, polled 1,489 Canadians online June 9-10.
Millennials, which the survey defines as those aged 18-34, were the most confident about their ability to meet their goals back in December, at 84 percent.
But in the most recent poll, only 72 percent of millennials expressed confidence.
The number of “Generation X” Canadians (aged 35-54) who expressed confidence about their ability to meet their financial goals fell to 66 percent, from 78 percent previously.
“Baby-boomers” were the sole exception as 82 percent of those aged 55 and older said they were confident about their financial goals—an increase from 79 percent previously.
“We had a very gloomy start to 2016, with a reeling loonie and a soft economy and jobs market, and much of that sentiment continues to weigh on confidence,” Sarah Widmeyer, managing director and head of the wealth strategies group at CIBC, said in a statement yesterday.
“Our poll also reveals the stress of everyday life for millennials and ‘Gen Xers’—going to school, working, paying your household bills, trying to save for a house, or taking care of your family,” she added.
“Combined with a string of gloomy economic news, no wonder this cohort is feeling less certain they’ll achieve their financial goals.”
