Canadians are financially confident says CIBC poll

By Steve Randall
Canadians are generally confident in their finances but they are concerned about interest rates and saving.

A CIBC poll reveals that overall confidence in finances is lower in 2018 than it was a year ago with 70% saying they are confident in their current financial position nationally, down from 72% in 2017.

Confidence is highest in Quebec (76%) and Ontario (70%) and lowest in Atlantic Canada and Alberta (64%).

Nationally, 77% think they will achieve their financial goals in 2018 but 59% say their financial confidence will be dampened if interest rates rise again.

Seven in ten say they are not saving enough and the same share have lost some of their financial confidence due to rising food costs and other household expenses.

"This poll offers a glimpse into the financial psyche of Canadians who say they feel confident about their finances, but are actually very worried about bumps in the year ahead that could derail their goals," says Jennifer Hubbard, Managing Director, Financial Planning and Advice, CIBC. "Given that household debt remains at record highs, it's no surprise that Canadians are concerned about even the slightest change that might affect their finances.

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