Canadians less confident about 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

  • Taiwanese iPhone assembler Foxconn may invest $7B in U.S. plant

    Economic CTV News
    Foxconn, a major assembler of iPhones and other electronics, may invest $7 billion in a plant for manufacturing display panels that would create as many as 50,000 jobs in the U.S. Foxconn CEO Terry Gou discussed the potential expansion Sunday during a company meeting in Taiwan, the company's home country. Source
  • B.C. aims for diversified economy, as jobs targets missed on mines and LNG

    Economic CTV News
    VICTORIA -- Premier Christy Clark says her government's retooled jobs plan aims to make British Columbia the most diversified economy in Canada. The premier admitted during a five-year update on her jobs plan that the government missed previous targets for students, on growth in mines and for the liquefied natural gas industry. Source
  • Vancouver's housing market third most expensive in the world: survey

    Economic CTV News
    VANCOUVER -- An annual international survey rates Vancouver as the third least affordable housing market on the planet and it also has a warning about Toronto housing. The 2017 Demographia International Housing Affordability Survey gives Vancouver a rating of 11.8, meaning median home prices are 11.8 times higher than median household income. Source
  • Documents reveal concerns, effects of CPP benefit limits for widows and widowers

    Economic CTV News
    OTTAWA -- Sheila was 62 when her husband died. For three years she continued to work full time as a nurse, collecting survivor benefits under the Canada Pension Plan. When Sheila retired at age 65 and began collecting her CPP retirement pension, she bumped into the financial ceiling the government places on the amounts retirees can receive under the public pension scheme and the survivor pension disappeared. Source
  • Canada should distance itself from Mexico in NAFTA talks: Former U.S. ambassador

    Economic CTV News
    Canada should distance itself from Mexico as U.S. President Donald Trump seeks to abolish or renegotiate the three-nation North American Free Trade Agreement (NAFTA), according to a former Canadian ambassador to the U.S. Derek Burney, who helped negotiate the Canada-United States Free Trade Agreement under then-Prime Minister Brian Mulroney, believes Canada and Mexico’s trade agendas share little common ground. Source
  • Striking Chronicle Herald workers mark one-year anniversary of labour dispute

    Economic CTV News
    HALIFAX -- The union representing striking workers at the Halifax Chronicle Herald are holding rallies throughout Nova Scotia Monday to mark the one-year anniversary of the labour dispute. The Halifax Typographical Union, which went on strike last Jan. Source
  • Why Trump will find it hard to make American economy greater

    Economic CTV News
    WASHINGTON -- President Donald Trump's economic plans are nothing if not ambitious: Annual growth of 4 per cent -- or more. A diminished trade gap. The creation of 25 million jobs over 10 years, including the return of good-paying factory positions. Source
  • Lawsuit: Donald Trump businesses violate U.S. Constitution

    Economic CTV News
    NEW YORK -- A lawsuit Monday alleged that U.S. President Donald Trump is violating the Constitution by allowing his business to accept payments from foreign governments. Trump is violating the so-called emoluments clause in the Constitution that prohibits him from receiving money from diplomats for stays at his hotels or foreign governments for leases of office space in his buildings, according to the suit filed by a legal watchdog group. Source
  • Brookfield moves to simplify North American property arm

    Economic CTV News
    TORONTO -- The largest shareholder of Brookfield Canada Office Properties (TSX:BOX.UN) is offering to buy the rest of the real estate trust's equity for $30.10 cash per unit, a 14.8 per cent premium to Friday's closing price in Toronto. Source
  • Donald Trump signs executive order officially pulling U.S. out of TPP

    Economic CBC News
    The new U.S. president doubled down on some of his campaign promises on Monday, including punitive tax hikes for U.S. companies that ship jobs overseas and sharp reductions in corporate taxes, red tape and regulations. Source