Canadians less confident in finances heading into 2016: CIBC poll

A majority of Canadians remain confident about their finances heading into 2016, but the percentage holding a positive view is down from a year ago, according to a new poll from one of the country's big banks.

See Full Article

The CIBC (TSX:CM) poll found that more than two thirds of Canadians, or 69 per cent, felt positive about their finances going into the new year. Still, that was down five per cent from a year ago, with the drop centred mainly in Alberta, Ontario and Quebec.

In fact, the survey found that Alberta, hard hit by trouble in the oilpatch, now is the least positive region in the country. Just 62 per cent of Albertans surveyed felt confident about their finances, down 21 percentage points from a year ago.

Sentiment was also lower in Ontario at 68 per cent, down from 73 per cent going into 2015, and in Quebec at 71 per cent, down from 78 per cent. Sentiment in British Columbia declined marginally to 71 per cent from 72 per cent.

Confidence improved sharply in Manitoba and Saskatchewan, up seven percentage points at 78 per cent, while those surveyed in Atlantic Canada were slightly more positive, up two percentage points at 67 per cent.

The poll was conducted Dec. 7-8 among 1,508 Canadian adults who are Angus Reid Forum panellists. The polling industry's professional body, the Marketing Research and Intelligence Association, says online surveys cannot be assigned a margin of error because they so not randomly sample the population.

While Canadians 55 and older remain the most positive about their finances, they also saw the biggest decline in this year's survey, falling from 82 per cent a year ago to 74 per cent this year.

That compared with confidence levels of 69 per cent (down from 70 per cent) for those in the 18-to-34 age group; and 65 per cent, down from 70 per cent, for those between 35 and 54.

"While many Canadians remain positive about their financial situation, some are feeling less optimistic than they were at this time last year," CIBC executive vice-president Christina Kramer said of the survey results.

"Whether you feel positive or have concerns about your finances, the new year is an ideal time to make changes so you feel prepared for the year ahead," she said.



Advertisements

Latest Economic News

  • Rising old age security spending dampened by CPP increases: report

    Economic CBC News
    A mandatory review of the country's largest seniors benefit program is predicting all-time highs in spending over the coming years with waves of baby boomer retirements — spending levels that could have been even higher if not for changes to the public pension program. Source
  • Calgary airport to convert Lexus-only stalls back to accessible parking

    Economic CTV News
    Calgary International Airport has apologized for moving accessible parking stalls and setting up a Lexus marketing campaign in their place. The pavement in the parking spots was painted to indicate they were reserved for drivers of the luxury car. Source
  • Rowdy Korean Air passenger's 3-year prison sentence reversed

    Economic CTV News
    HAGATNA, Guam -- A U.S. appeals court has struck down the three-year prison sentence of a rowdy Korean Air passenger convicted of interfering with flight attendants last year on a flight to Guam. The 9th U.S. Source
  • Striking ground crew at Toronto airport to vote on new offer from employer

    Economic CTV News
    TORONTO - The union representing striking ground crew workers at Canada's busiest airport says it has received a new contract offer that will be voted on tomorrow. About 700 baggage handlers, cabin cleaners, and other ground crew employed by Swissport at Toronto's Pearson International Airport have been on strike since late July. Source
  • June retail sales a bright spot for Canadian economy: economists

    Economic CTV News
    OTTAWA - Canadian retail sales rose slightly in June and continue to be a bright spot in the economy. Statistics Canada says in a report issued Tuesday that the retail sector's growth was 1.1 per cent, excluding automotive and gasoline sales. Source
  • CGI Group moves to expand in northern Europe with takeover of Affecto

    Economic CBC News
    Canada's largest publicly traded IT services business is moving to expand its presence in Europe through the acquisition of Affecto PLC in a friendly deal that would add about 1,000 staff in northern Europe. CGI Group Inc. Source
  • Big banks set to reveal profits this week against the backdrop of improving economy

    Economic CBC News
    Canada's biggest banks could deliver another profitable season for investors as third-quarter results starting to roll in this week are expected to get a boost from the strengthening economy. Analysts expect modest improvements from the Big Six banks, which launch their quarterly earnings reports beginning with Royal Bank on Wednesday, but some suggest the industry could outdo the conservative predictions. Source
  • BHP Billiton puts brakes on Jansen potash mine

    Economic CBC News
    BHP Billiton won't be asking its board to build the Jansen potash project any time soon. In its year-end financial results, the global resource company says it won't be asking the board for approval to go ahead with the Jansen potash project in 2018. Source
  • EU probes Bayer's planned buyout of Monsanto

    Economic CTV News
    BRUSSELS -- The European Union's anti-trust watchdog said Tuesday that it has launched a probe into German chemical maker Bayer's planned acquisition of U.S. seed and weed-killer company Monsanto.. The European Commission, which polices competition in Europe, said Tuesday it has concerns that the merger may reduce competition in areas like pesticides and seeds. Source
  • Retail sales inch higher to $49B in June

    Economic CBC News
    Sales at clothing stores increased in June, Statistics Canada reported Tuesday. (Shannon Stapleton/Reuters) Canadian retailers reported higher sales for the fourth straight month in June, as just about everything except cars and gasoline stations saw higher sales. Source