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Sask. residents feeling confident

Canadians are still in a positive frame of mind when it comes to their personal finances, but they’re not quite as positive as they were a year ago.

Canadians are still in a positive frame of mind when it comes to their personal finances, but they’re not quite as positive as they were a year ago. 

That information came from a recent CIBC survey released in early January that had Canadians taking stock of their finances heading into the new year. 

On the whole, residents in Alberta, Ontario and Quebec saw declines in their future financial picture while confidence was displayed in Manitoba and Saskatchewan. 

The CIBC poll found that 69 per cent of Canadians said they feel positive about their current financial situation, which was down five per cent from a year ago, led by the declines in the aforementioned trio of provinces. 

Alberta is now the least positive region in the country with 62 per cent feeling positive, down 21 per cent from last year, yet the out-migration of young people in Saskatchewan heading to Alberta remained nearly as strong as before. 

Sentiment in Ontario, (68 per cent) and Quebec (71 per cent) is also lower in this year’s survey, with Ontario’s being down five per cent to 68 per cent, while Quebec’s declined seven per cent to 71 per cent.  

While Canadians 55 years of age 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. 

Looking ahead, 80 per cent of Canadians say they are confident they will meet their financial goals, while 88 per cent of those polled in Manitoba and Saskatchewan believe they will achieve their financial goals, the highest score in the country. 

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

Manitoba and Saskatchewan were the only regions to show an increase in longer term goals, becoming the most confident region in the country at 88 per cent when it comes to believing they will achieve their future goals. Confidence in meeting future goals in Alberta and Atlantic Canada (72 and 69 per cent respectively), showed slight declines compared to other regions.

In the poll that covered all age groups, people in Manitoba and Saskatchewan saw their financial confidence level rise from 71 per cent to 78 per cent heading into the new year, while in B.C. it dropped by one percentage point to 71 per cent.

The Angus Reid Forum online survey was carried out on Dec. 7 and 8 of last year surveying 1,508 randomly selected Canadian adults. The margin of error for this sampling variability was plus or minus 2.5 per cent 19 times out of 20. 

The results were statistically weighted according to education, age, gender and region. 

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