While Canadians have dreams, they prioritize saving to meet practical goals
By Jennifer Hughes
Everyone dreams, but we Canadians seem to be pretty practical about. In a recent online poll conducted for CIBC, 81% of more than 1,500 Canadians say they have a bucket list of things they’d like to do or see one day and that that list consists of both practical goals and dream goals. Asked which goals were more important, 41% of respondents with bucket lists said that practical goals are more important than indulgent goals. Only 9% said the dream list was more important; 36% think the practical list and the dream list are equally important.
Financial security tops the practical list; over half (55%) of those polled listed being debt free as their top practical goal. It’s not that Canadians don’t want to have fun—for 65%, travel or a vacation tops their dream list, with 61% wanting to visit Western Europe—but while one-third (37%) are saving towards their practical goals monthly, 33% contribute to their dream bucket list only when they have extra money.
Practical goals varied by generation. While most boomers prioritize home renovations (35%), Gen-Xers are focused on preparing for an early retirement (40%) and millennials on buying a home (40%).
“The key to reaching your goals is to save,” commented Carissa Lucreziano, managing director, CIBC Financial Planning and Advice. “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.”
The survey report recommends arranging with your bank to have money transferred regularly and automatically into a savings account, cutting down on unnecessary expenses, and writing down your goals and your plans for reaching them, including target dates.