MILLENNIALS AND GEN X CANADIANS LOSING CONFIDENCE IN MEETING FINANCIAL GOALS: CIBC SURVEY

Jul 14, 2016

By Jane Brown

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Some Millennials and Generation Xers are losing confidence in their ability to meet their financial goals over the next year, according to a new CIBC online poll.

The survey says 73 per cent of Canadians polled say they are confident they will meet their financial goals over the next 12 months, down from 80 per cent in December when the bank conducted a similar poll.

The survey, which was conducted by Angus Reid, polled 1,489 Canadians online between June 9th and 10th.

Millennials, which the survey defines as those between 18 and 34 years old, were the most confident about their ability to meet their goals back in December, at 84 per cent. But in the most recent poll, only 72 per cent of millennials expressed confidence.

The number of Generation X Canadians, aged 35 to 54, who expressed confidence about their ability to meet their financial goals fell to 66 per cent, from 78 previously.

The polling industry’s professional body, the Marketing Research and Intelligence Association, says online surveys cannot be assigned a margin of error because they do not randomly sample the population.

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