Canadians’ financial confidence taking a hit
Posted January 5, 2015 7:58 am.
This article is more than 5 years old.
VANCOUVER (NEWS1130) – A new year brings a new attitude toward reaching our goals, but it’s not a positive one for many people as our financial confidence takes a hit for 2015.
Canadians aged 45 and up are the least optimistic, with only about 60 per cent surveyed by CIBC feeling upbeat about their financial goals, way down from the same poll a year ago.
Compare that to the 75 per cent of respondents aged 25 to 44 who see their financial future as rosy.
Overall, the numbers are the worst they’ve been in five years, thanks to pessimistic boomers closing in on retirement and trying to balance their short-term need to reduce debt with the longer-term goal to save for the retirement they want.
Trying to focus on both can be a challenge, and that can impact confidence in future finances.
“As Canadians approach traditional retirement age, it can be a challenge to keep focused on both, and that can impact their overall confidence in their future finances,” says Christina Kramer with CIBC.
“This decline in confidence among boomers is the most significant we’ve seen in five years,” says Ms. Kramer.
“As each year goes by and boomers increasingly focus on debt reduction as an immediate priority, they also get closer to retirement without a long-term plan in place that will deliver the retirement they are looking for. Having a financial plan that addresses all economic conditions can help build the personal financial confidence they may be seeking.”
