CIBC Poll: Canadians worried about debt, retirement

By John Powell | January 6, 2011 | Last updated on January 6, 2011
2 min read
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  • According to a CIBC poll, there are two financial concerns weighing on the minds of Canadians: paying down personal debt and saving for retirement.

    Managing their day-to-day spending was a close third in the poll conducted by Harris/Decima for CIBC.

    When it comes to age, there was a significant difference in priorities with those 45 to 64 focusing on getting their plans and savings in place for retirement followed by paying down debt. Among 25 to 44 year-olds though, paying down debt was the top concern followed by getting the right advice about their mortgage and working to build savings for the future. However, managing day-to-day spending and budgeting was a key theme across all age groups. Those 65 and over placed a particular emphasis on this, with 22% of those surveyed over age 65 naming this as their number one financial priority.

    “It’s no surprise to see that the financial needs of Canadians vary at different stages of life, which speaks to the need for individual financial advice based on your personal financial situation and your goals,” said Victor Dodig, Executive Vice-President of Retail Distribution & Wealth Management, CIBC Retail Markets. “Clearly younger Canadians are focused on staying on top of their monthly cash flow and working to pay down their mortgage and other debts they may have, while Canadians in mid-career or closer to retirement are focused on retirement planning.”

    The survey also revealed that Canadians may be missing opportunities to get advice about their financial priorities. When asked what comes to mind when they think about a conversation with a financial advisor, most Canadians mentioned retirement planning and investment advice. While paying down debt was identified as a priority in the poll, only a small percentage thought debt reduction (4%) or cash flow management (5%) was a topic of conversation with a financial advisor.

    Results of the poll are based on a CIBC telephone survey conducted by Harris/Decima. 2,017 Canadians were polled. The margin of error is +/-2.2%, 19 times out of 20.

    John Powell