CIBC poll reveals almost half of Canadians lack financial plan

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According to a new CIBC poll, 46 per cent of Canadians do not have a financial plan for their future even though many express concern regarding their retirement.


The poll found that of the 54 per cent of Canadians who do have a financial plan, 64 per cent have a long term plan while 36 per cent only have a budget or short term plan. Of the 36 per cent without a plan, 42 of them say they “have a pretty good idea” what they intend to do financially “but don’t need to write it down.”


No clear road map


Sarah Widmeyer, Managing Director and Head of Wealth Strategies, CIBC, said "While most of us have a fairly good sense of our financial goals, so many Canadians do not have a clear road map in place to achieve what they want today – and tomorrow. Whether the goal is to eliminate debt, save more, or retire early, you can achieve success with a financial plan."


Budgeting versus planning


The poll showed 36 per cent of Canadians seem confused about the difference between a budget and a financial plan. “While budgeting and financial planning go hand-in-hand, a budget alone is insufficient in crafting the life you want in the future,” Widmeyer said. 


As published in The Insurance & Investment Journal by Natasha Tremblay Jan. 27, 2017 09:45 a.m.


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