What Canadians want: New CIBC poll reveals what matters most to us right now
Has the current economic landscape led you to revisit your goals or adjust your journey to achieving them? If so, you’re not alone. In this episode of Smart Advice, Carissa Lucreziano is joined by Sean Simpson, Senior Vice President of Public Affairs at Ipsos, to unpack the findings of the inaugural CIBC Ambitions Index. Together, they explore how Canadians are reshaping their goals with a focus on balancing health, financial stability, and personal relationships. From Gen Z's short-term wins to Boomers' focus on preserving wealth, the conversation dives into generational differences, economic challenges, and the resilience driving Canadians forward. Learn how clear goals, professional guidance, and celebrating milestones can help you achieve success in today’s complex environment. This discussion offers valuable insights for anyone looking to reshape and achieve their ambitions. Three reasons you should listen to this episode:Learn how Canadians are reshaping their goals and priorities in the face of economic uncertainty Gain a deeper understanding of how ambitions differ across generations Discover actionable strategies Canadians are using to achieve their goalsResourcesCIBC's "Smart Advice" Podcast and WebsiteVisit CIBC for more Smart AdviceCIBC Ambitions IndexIpsosEpisode Highlights[00:05] Financial Goals in the 2025 economyEach generation has different financial goals; Gen Z’s bold dreams, Gen X’s balancing act, and Boomers’ retirement plans reflect how they meet economic shifts.The CIBC Ambitions Index, a groundbreaking inaugural study, reveals what drives these goals and the challenges holding people back.Senior Vice President of Public Affairs at Ipsos, Sean Simpson, joins us to unpack these insights, offering a clear lens on Canadians’ financial and personal priorities.[01:06] Overview of the Ambitions IndexThe CIBC Ambitions Index, a comprehensive study, maps the goals, challenges, and shifting ambitions of Canadians.Health and wellness top the list, with 57% prioritizing a healthy lifestyle, while 85% focus on financial stability to secure their future.Personal relationships also matter deeply, as 49% emphasize building strong connections with family and friends.This balanced approach reflects a post-pandemic reset, where Canadians spread their energy across multiple domains rather than fixating solely on career or wealth.[04:29] Sean Simpson: “We can see through health, through finance and relationships that Canadians are really striving for a balanced approach, not putting all their attention on their career, not putting all their attention on health, but spreading their goals across many different ambitions.”[05:08] Resilience and determination of CanadiansDespite rising costs and economic uncertainty, 68% of Canadians remain steadfast in pursuing their goals.Strategic task prioritization and effective time management fuel this resilience, keeping progress on track.Celebrating small milestones proves crucial, with those who regularly review and acknowledge achievements showing greater motivation.Optimism prevails, as 61% feel confident about future successes, demonstrating a collective ability to navigate headwinds with purpose.[08:23] Generational differences in ambitionsCarissa and Sean discuss the generational differences in ambitions, with Gen Z being the most ambitious and optimistic.[09:05] Sean Simpson: “Gen Z is, while focused on the long term, I think has put a little bit more focus on almost bite sized ambitions or shorter term ambitions where they're able to recognize their progress and build on that.”Millennials prioritize saving for a home and spending quality time with family, while Gen X focuses on financial stability and retirement.Boomers aim to preserve their wealth and maintain financial independence without relying on their children.[11:59] Impact of the current economic environmentEconomic challenges, dubbed a "poly crisis," steer Canadians toward short-term goals, aiming to focus on the most urgent concerns.Soaring housing costs, high inflation, and elevated interest rates push 61% to focus on immediate needs like debt repayment and emergency funds.Long-term goals, such as retirement savings, often take a backseat as time-sensitive financial demands pile up.[12:55] Sean Simpson: “Everybody realizes that if you don't put that away now, you're going to struggle later in life. Absolutely. But some may not be able to afford to do that right now.”Affordability constraints force a practical mindset, and Canadians are adapting to live in the now while still eyeing future stability.[15:46 Financial independence across generationsFinancial independence takes unique forms across generations, shaped by distinct hurdles.For Gen Z, it means covering tuition or living without roommates, while Millennials strive for homeownership and stable budgets.Gen X focuses on building nest eggs to retire comfortably, avoiding work into later years.Boomers prioritize preserving wealth to remain self-sufficient, with mental health emerging as a key barrier for Gen Z, intertwining emotional and financial well-being.[19:53] Role of financial advice in achieving financial goalsFinancial advisors serve as vital partners in turning ambitions into reality, with 60% of successful Canadians leveraging their resources.Strategic planning support helps set and prioritize goals, while skills development tools enhance financial literacy.Networking and guidance from banks strengthen support systems, fostering resilience.[20:08] Sean Simpson: “Canadians who are successfully advancing their ambitions are more inclined to utilize their bank as a resource for achieving their goals, with a usage rate of 60% compared to only 49% among those who aren't.”Traditional financial assistance, like investment and tax planning can help Canadians progress toward their financial goals.[22:35] Future Trends and Hope for CanadiansCurrent economic uncertainties, from tariffs to market volatility, mark a unique moment, yet hope persists.[23:35] Sean Simpson: “I think Canadians will make even more progress on their ambitions than they have in the last year, which has no doubt been challenging, but rewarding at the same time.”As challenges like job anxiety and inflation ease, we may see greater progress toward ambitions.68% of surveyed Canadians feel that they are advancing toward their goals, setting the foundation for bolder aspirations.With reduced uncertainty, the pendulum may swing back toward long-term planning, inspiring new ambitions and sustained optimism.About Sean Sean Simpson is the Senior Vice President of Public Affairs at Ipsos, with over 15 years of expertise in public opinion polling, reputation management, and social trends research. Specializing in understanding Canadian behavior, Sean leads Ipsos’ public affairs research, providing insights into financial independence, political behavior, and consumer confidence. His work, including the CIBC Ambitions Index, empowers organizations and individuals to navigate economic and social challenges with data-driven strategies.A trusted media spokesperson, Sean regularly appears on Global News, CTV and CP24, translating complex data into actionable insights. Passionate about education, he teaches survey design at the Laurier Summer Institute for Research Methods, helping professionals and policymakers make informed decisions in a rapidly changing world.Connect with Sean Simpson on LinkedIn.Enjoyed this Episode?If you did, be sure to subscribe and share it with your friends!Post a review and share it! If you enjoyed tuning in, leave us a review. You can also send this with your friends and family. A third of the way into 2025, we’re seeing new financial challenges crop up. But similarly, Canadians are rising to meet them. Financial stability and independence are realistic, achievable goals that we can reach once we use all the tools available to us.Have any questions? You can connect with me on LinkedIn or through CIBC’s Facebook, or Instagram.Thanks for tuning in! For more updates, visit our website. You can also listen to more amazing episodes on Spotify or Apple Podcasts.
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