Financial independence among Canadians’ top goals: CIBC

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Canadians have many of the same ambitions, but among their top shared priorities is achieving financial independence, especially in a time of economic and geopolitical uncertainty, according to a report by Canadian Imperial Bank of Commerce.

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The bank’s “ambitions index,” released on Wednesday, looks at the current goals and aspirations of Canadians in all aspects of their lives — personal, professional and financial — and what they aim to achieve in a range of areas, including health and wellness, relationships, travel and leisure, education and career development.

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On the personal finance front, 85 per cent of Canadians said they are prioritizing financial independence, while 70 per cent are actively saving and investing to build their financial future. The report also said 84 per cent agree that ensuring their family’s financial security is a primary goal.

The geopolitical and economic environment has weighed a lot on Canadians, Carissa Lucreziano, CIBC’s vice-president for financial planning and advice, said.

“Over the last year, this has affected the way Canadians prioritize what their goals and ambitions are, and that includes everything from finances to health and well-being to family,” she said.

The top goal for Canadians of any generation or region is in the areas of health and wellness, with 57 per cent citing it as their No. 1 ambition. A close second is financial stability and growth at 54 per cent, followed by personal relationships with family and friends at 49 per cent.

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Canadians are prioritizing their personal well-being and work-life balance over a commitment to career advancement, with 91 per cent saying that maintaining a healthy lifestyle is crucial to overall well-being.

Meanwhile, 68 per cent say they have made progress towards their goals and ambitions in the last year, while just six per cent have moved further away from them. Three in four Canadians say they are happy with the progress they’ve made.

“Despite continuing economic uncertainty, Canadians are pushing forward with resilience toward their ambitions and are satisfied with the progress they’re making,” the report said.

Seventy-eight per cent of Canadians say their ambitions have gained importance in light of current economic challenges.

The report said 35 per cent of Canadians set goals on at least a quarterly basis, 40 per cent review their progress and only 29 per cent celebrate their milestones. This is despite the finding that those who plan, review and celebrate their journey are more likely to advance their ambitions.

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On behalf of CIBC, Ipsos surveyed 2,500 Canadians over the age of 18 between Oct. 10 and Oct. 17, 2024. A validation poll was conducted in February to verify the original study’s findings amid recent economic and geopolitical shifts.

Lucreziano said some of the tactics that “successfully ambitious Canadians” are using more than others to make progress on their goals are writing them down, adjusting them as needed and creating detailed plans and timelines.

She added that while not all the ambitions are directly related to savings, Canadians who were successful in advancing their ambitions are more inclined to do so as a resource for achieving their goals.

• Email: dpaglinawan@postmedia.com

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