Majority of Canadians hope to cross off at least one bucket list item in their lifetime, yet many are pushing dreams aside for practical goals such as being debt-free.
TORONTO, Aug. 28, 2019 /CNW/ - A new CIBC poll finds that 81 per cent of Canadians have a bucket list of things they hope to accomplish one day ? but more than two-in-five (41 per cent) say practical goals are more important than the indulgent ones.
The poll shows that when asked which bucket list is more important to them, Canadians say goals such as paying down debt take precedence over ones such as travelling or pursuing a passion. Interestingly, while two-in-five (39 per cent) are saving for both their bucket lists, more than one-third (36 per cent) are not saving at all for any item on their bucket list.
"Whether it's skydiving in the tropics or buying the house you've always wanted, the key to reaching your goals is to save," said Carissa Lucreziano, Managing Director, CIBC Financial Planning and Advice. "The most important first step is to have a plan in place to get yourself there."
Among those planning to accomplish a bucket list item:
Millennials are saving, but not the most effectively
The poll findings also show that 19 per cent of millennials are saving for their practical bucket list, with more than half (55 per cent) saying paying off debt is their top priority. However, the majority of them are saving in ways that may take them longer than others, with more than half (59 per cent) using either their personal chequing account or keeping cash at home as their method of saving.
"When putting money aside for a specific goal in mind, it's crucial to do it in the most effective way. Look for ways of saving that will help grow your money, such as a savings account, RRSP or TSFA. This way, your money has the opportunity to earn interest so you can reach your goals sooner rather than later," said Ms. Lucreziano.
On average, millennials are saving the lowest amongst all Canadians for both bucket lists, with roughly a total of $11,000 being saved for their dream bucket list, and roughly $14,900 for their practical bucket list thus far.
Additional quick tips:
Other key findings:
CIBC Poll Disclaimer: From July 12th to July 14th 2019 an online survey of 1,516 randomly selected Canadian adults who are Maru Voice Canada panelists was executed by Maru/Blue. For comparison purposes, a probability sample of this size has an estimated margin of error (which measures sampling variability) of +/- 2.5%, 19 times out of 20. The results have been weighted by education, age, gender and region (and in Quebec, language) to match the population, according to Census data. This is to ensure the sample is representative of the entire adult population of Canada. Discrepancies in or between totals are due to rounding.
CIBC is a leading Canadian-based global financial institution with 11 million personal banking, business, public sector and institutional clients. Across Personal and Small Business Banking, Commercial Banking and Wealth Management, and Capital Markets businesses, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world. Ongoing news releases and more information about CIBC can be found at www.cibc.com/en/about-cibc/media-centre.html or by following on LinkedIn (www.linkedin.com/company/cibc), Twitter @CIBC, Facebook (www.facebook.com/CIBC) and Instagram @CIBCNow.
These press releases may also interest you