Financial confidence down among young Canadians

Canadians in the millennial and Gen-X demographics are less confident in meeting their financial goals now than they were 6 months ago according to a poll from bank and mortgage lender CIBC.

Its quarterly poll of consumer confidence found that 72 per cent of millennials and 66 per cent of Gen-Xers think they will reach their goals; both groups’ figures fell 12 percentage points. Baby boomers were more confident though with a 3-point rise to 82 per cent.

"We had a very gloomy start to 2016, with a reeling loonie and a soft economy and jobs market, and much of that sentiment continues to weigh on confidence," says Sarah Widmeyer, Managing Director and Head, Wealth Strategies Group, CIBC. "Our poll also reveals the stress of everyday life for Millennials and Gen Xers - going to school, working, paying your household bills, trying to save for a house, or taking care of your family. Combined with a string of gloomy economic news no wonder this cohort is feeling less certain they'll achieve their financial goals."

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