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Canadian millennials and Gen Xers far less confident they’ll meet financial goals, says CIBC poll

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Far fewer millennial and Generation X Canadians are confident they will meet their financial goals than they were just six months ago, finds the latest CIBC Quarterly Financial Confidence Poll.

After a sharp 12-percentage-point drop for both age groups, only 72 per cent of millennials and 66 per cent of Gen Xers now say they will be able to attain their financial goals in the next 12 months.
 
For baby boomers, however, financial confidence has edged up three percentage points, with 82 per cent now confident they will meet their goals.
 
"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 your family. Combined with a string of gloomy economic news no wonder this cohort is feeling less certain they'll achieve their financial goals."
 
Overall, 73 percent of Canadians say they are confident they will meet their financial goals over the next 12 months (down from 80 per cent in December 2015).
 
Millennials (18-34 years) were the most confident group back in December 2015, but confidence has since fallen significantly from 84 per cent to 72 per cent. 
 
Generation X (35-54 years) continues to be the least confident group, dropping from 78 per cent to 66 per cent.
 
But baby boomers (55+ years) feel more positive, with their confidence edging up from 79 per cent to 82 per cent.
 
Some 68 per cent of Ontarians now feel confident, down from 80 per cent 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 per cent in the first quarter), their confidence has since rebounded, now at 69 per cent.
 
"While macro events, like Brexit, can spark fear and gloom in the markets, these are things beyond our control," Widmeyer 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. When you have the right plan, then periodic market noise becomes just that, noise, that really shouldn't change your financial priorities."

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