Gen X, Y less confident they’ll meet financial goals: CIBC

By Staff | July 14, 2016 | Last updated on July 14, 2016
2 min read

Fewer millennial and Gen X Canadians are confident they’ll meet their financial goals than they were just six months ago, finds a CIBC poll. After a sharp 12-percentage-point drop for both age groups, only 72% of millennials and 66% of Gen Xers now say they’ll be able to attain their financial goals in the next 12 months.

For boomers, however, financial confidence has edged up three percentage points to 82%.

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“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,” says Sarah Widmeyer, managing director and head, Wealth Strategies Group, CIBC. “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 family.”

Here are some key poll findings.

  • 73% of Canadians overall are confident they will meet their financial goals over the next 12 months.
  • 68% of Ontarians feel confident, down from 80% six months ago. While oil prices and a sluggish economy dented how Albertans felt about their finances in the first three months of the year (an 8 percentage point drop to 64% in the first quarter), their confidence has since rebounded, now at 69%.

Widmeyer notes that experience in riding out market and economic cycles can mean a lot in maintaining confidence that you will achieve your goals.

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“While macro events, like Brexit, can spark fear and gloom in the markets, these are things beyond our control,” she says. “What you can control is your personal finances and how you manage them. The key is to set and prioritize realistic short- and long-term goals, and take concrete steps each month to achieve them.”

The poll also asked Canadians how they feel about their personal financial situation today. The findings were similar to their financial confidence outlook: Only 59% of millennials and 57% of Gen Xers feel positive about their finances, compared to 78% of boomers.

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Here are four tips to help clients boost financial confidence

  • Write down goals – Studies show that those who write down their goals are more apt to achieve them whether they are health, career or financial goals.
  • Set realistic goals – Clients might want to save or pay down debt as quickly as possible, but if their budget doesn’t support it, modify it. They can still set big goals, but achieving smaller goals along the way can boost confidence.
  • Review goals and track progress – And they can modify goals if their situations change. staff


The staff of have been covering news for financial advisors since 1998.