Canada's Millennials, Gen-Xers Losing Faith In Ability To Meet Financial Goals: CIBC

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TORONTO — A new poll from CIBC suggests that some millennials and Generation Xers are losing confidence in their ability to meet their financial goals over the next year.

CIBC says 73 per cent of the Canadians it polled say they are confident they will meet their financial goals over the next 12 months — down from 80 per cent in December when the bank conducted a similar poll.

The survey, which was conducted by Angus Reid, polled 1,489 Canadians online between June 9 and 10.

financial confidence canada

The polling industry's professional body, the Marketing Research and Intelligence Association, says online surveys cannot be assigned a margin of error because they do not randomly sample the population.

Millennials, which the survey defines as those between 18 and 34 years old, were the most confident about their ability to meet their goals back in December, at 84 per cent. But in the most recent poll, only 72 per cent of millennials expressed confidence.

The number of Generation X Canadians — aged 35 to 54 — who expressed confidence about their ability to meet their financial goals fell to 66 per cent, from 78 previously.

"We had a very gloomy start to 2016."
— Sarah Widmeyer, CIBC

Baby boomers were the sole exception — 82 per cent of those 55 and older said they were confident about their financial goals, an increase from 79 per cent 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 Wednesday.

"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. Combined with a string of gloomy economic news, no wonder this cohort is feeling less certain they'll achieve their financial goals."