Almost two-thirds (63 per cent) of Canadians cited retirement as a financial goal compared to last quarter (58 per cent), according to a quarterly survey by Ipsos for the Bank of Montreal.
The survey, which polled more than 3,000 adults aged 18 and older, found 67 per cent of respondents said they’re continuing to set financial goals. Of those who didn’t have financial goals, 61 per cent said they want to put them in place.
As provinces begin getting closer to vaccination targets, Canadians are also feeling increasingly confident that their financial situations are improving. Indeed, 42 per cent of Canadian respondents said they feel more financially secure today than a year ago compared to half (50 per cent) of American respondents.
More than a third (38 per cent) of Canadians surveyed said they’re confident they’re improving their financial situation, compared to half (51 per cent) of their American counterparts. And respondents in Toronto said they’re significantly more optimistic about their financial position since the previous quarter (42 per cent, up from 34 per cent).
“As Canada’s economy has opened up and provinces achieve higher vaccination rates, Canadians are feeling more confident in their financial situations — with many getting the itch to spend and some engaging in excessive spending habits,” said Gayle Ramsay, head of everyday banking and customer growth at BMO, in a press release. “Although progress has been made since the pandemic started, it’s important for Canadians to continue building on their financial foundation by evolving their financial goals and the plans they will follow to achieve them.”
Although Canadians expressed that they’re feeling increasingly confident that their financial situations are improving, the survey revealed some are continuing to experience financial anxiety. Notably, the survey showed members of generation Z said they’re significantly more worried about their overall financial situation than they were in April (94 per cent, up five points).