Bringing you live news and features since 2006 

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


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."

Latest News

News came last night from the US that the SEC has approved CBOE’s proposal to list and trade VanEck’s spot..
Irish domiciled funds surpassed EUR4.3 trillion AuM (Assets under Management) at end-March 2024, a 15 per cent increase in net..
European white label ETF platform, HANetf, has announced its total assets under management (AUM) has now exceeded USD4.31 billion...
New research from European ETF provider Tabula Investment Management shows investors are expecting improvements in ESG from the gold mining..

Related Articles

Timothy Rotolo, Range Funds
In 2023, Timothy Rotolo launched his business, Range Fund Holdings, the parent company for Range Indices and Range ETFs, followed...
Dan Miller, IQ-EQ
With just over a week to go till T+1 settlement begins in North America, Canada and Mexico, time is of...
Emily Spurling, Nasdaq
Last October’s ETF Express US Awards 2023 found Nasdaq winning Best Index Provider – ESG ETFs and Best Index Provider...
Vinit Srivistava, MerQube
Index provider, MerQube, launched in 2019, with the aim of providing a “technology-driven answer to the most complex, rules-based investment...
Subscribe to the ETF Express newsletter

Subscribe for access to our weekly newsletter, newsletter archive, updates on the site and exclusive email content.

Marketing by