While most Boomers feel at ease, fewer people from the Millennial and Generation X age groups are confident that they will be able to meet their financial goals.
A poll of more than 1400 adults conducted by Angus Reid for CIBC reveals that 77% of Millennials and 66% of Gen Xers believe they will be able to meet their financial goals in the next twelve months, which for both groups marks a 12% decline from the results recorded in December last year. Baby Boomers, however, remain upbeat: 82% believe they will hit their financial targets, which is an increase of 3% compared to the previous report.
Results by region
Broken down by region, those in Atlantic Canada are least sanguine about their future with a 66% confidence level. Ontario saw the largest drop in financial morale, where it declined by 12% to 68%. People in Quebec were the most optimistic with an 80% confidence level, although this is still 3 points lower than it was in 2015.
"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," comments Sarah Widmeyer, managing director and head of the wealth strategies group at 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."