While 77 per cent of Canadians say they are optimistic about their finances, nearly three in five acknowledge that they would feel "significantly less" confident if interest rates go up again, according to the findings of the annual CIBC Financial Confidence survey, which were released Jan. 15.
In addition, 70 per cent of those surveyed said they were concerned about the impact of the rising costs of household goods, such as gas, utilities, groceries and consumer goods on their finances.
Solid financial planning
"This poll offers a glimpse into the financial psyche of Canadians who say they feel confident about their finances, but are actually very worried about bumps in the year ahead that could derail their goals," says Jennifer Hubbard, Managing Director, Financial Planning and Advice, CIBC. "Given that household debt remains at record highs, it's no surprise that Canadians are concerned about even the slightest change that might affect their finances. The best way to weather uncertainty is to have a solid financial plan in place to help you manage any challenges ahead."
CIBC’s survey found the top three factors boosting financial optimism were: a rising stock market (29 per cent), minimum wage increases (21 per cent) and moderate economic growth (17 per cent).