A new poll finds that while 81% of Canadians have a dream “bucket list,” many are more concerned about saving for practical financial goals.
The survey, commissioned by Toronto-based Canadian Imperial Bank of Commerce, found that 41% of Canadians believe practical bucket list items, such as paying down debt, are more important than indulgent ones, such as travelling or pursuing a passion.
In a release, CIBC reported that travel was the most popular dream goal among respondents (61%), while becoming debt-free was the most popular practical goal (55%).
The poll found that 39% of Canadians are saving for both their practical and indulgent bucket lists, while 36% are not saving at all for any item on their lists. Most respondents (61%) planned on paying for bucket list items using savings and cash, while 14% planned to use their credit cards and 7% planned to use a line of credit or loan.
More than half (59%) of millennials are saving for their goals using personal chequing accounts or by keeping cash at home, the survey found, rather than making use of savings accounts, TFSAs or RRSPs.
Millennials had the least money set aside for their bucket lists, with an average of $11,000 saved for their dream bucket list and $14,900 saved for their practical bucket list.
Methodology
On behalf of CIBC, Maru/Blue conducted an online poll of 1,516 Canadians from July 12 to 14, 2019. Online surveys cannot be assigned a margin of error because they do not randomly sample the population. The results of this survey were weighted by education, age, gender and region (and in Quebec, language) to match the population, according to Census data.