A CIBC poll finds that nearly one-third of Canadians don’t expect to meet the financial goals that they set for themselves at the start of the year.
They will fail mainly because of unexpected costs and from setting goals that may not be realistic based on their income or financial situation.
Of the 31% of Canadians who think they will not meet their financial goals by the end of the year, they cited these top reasons (for some, it was a combination of factors):
- unexpected expenses (47%);
- did not earn enough money (41%);
- a change in their financial situation (24%); and
- couldn’t stay the course (20%).
The survey also finds that 30% have met some of their goals and plan to meet the rest by the end of the year, 13% of Canadians have met all of their financial goals for the year, and 22% of Canadians did not set any goals for this year.
“While it’s encouraging to see so many Canadians setting financial goals for themselves, many will not succeed in meeting them,” says Jeff Smith, vice-president, consumer deposit products, at CIBC.
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