Are Canadians meeting their financial goals — and what does the financial future of Canada look like? Let’s dive into CIBC’s Ambitions Index along with Sean Simpson of Ipsos.
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.
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[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.”
[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.”
[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.”
[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.”
[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.”
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.
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Carissa: Welcome to Smart Advice, a podcast connecting you with timely financial advice, investment strategies and economic trends, empowering you with insights to make informed decisions about your money. I'm CIBC's financial advice expert, Carissa Lucreziano.
From skyrocketing prices to economic curveballs and a total shakeup in how we live and work, Canadians have been through a lot. But through all the chaos, one thing is clear. We are not slowing down. Canadians are chasing bold, personal, and financial goals with more energy, focus and resilience than ever before. From Gen Z carving out their future to Gen X balancing family and finances, to boomers reimagining retirement, every generation is chasing goals with purpose.
So we asked ourselves: What exactly are those goals? What's driving Canadians forward? What is holding them back? And how are those ambitions shifting as the world around us changes? That's why CIBC partnered with Ipsos to launch the first annual Ambitions Index. It's a deep look into the goals Canadians are working towards, the challenges they are facing, and how ambitions are evolving in 2025 and beyond. The index offers a clear view into what matters most across all life stages and how Canadians are putting their energy into what counts.
Joining me today for a conversation is Sean Simpson, Senior Vice President of Public Affairs at Ipsos and one of the lead voices behind the Ambitions Index. Sean works with organisations across Canada to decode what drives our behaviour, how the environment around us affects our decisions, our vast perceptions of well-being, and what shapes our confidence as everyday consumers. He's here to help us unpack brand new research that reveals how Canadians are feeling right now and what it could mean for our financial future. Sean, thank you so much for joining me today for this episode of Smart Advice.
Sean: Pleasure. Thanks for having me.
Carissa: So let's dive right in. The Ambition Index shows something big. Canadians aren't just chasing financial goals. Sure, money matters, but Canadians are just as focused on health and wellness and strong relationships with family and friends. It's about building wealth for the future, but with a life around it.
So what does this shift tell us about how Canadians are redefining what is truly important? Are we witnessing a reset in how we define ambition?
Sean: Yeah, it's a great question. There appears to be a search for balance in our lives. And I think, you know, really the pandemic upended the way we do things traditionally, the sort of routines that we fell in, where we placed time, where we placed our priorities. And now that we're on the other side of the pandemic, I think people are re-examining what's important to them and as a result of that re-examination, trying to find better balance in their lives. So when we asked Canadians — and we surveyed 2,500 of them in order to identify these statistics — we found that three areas rise to the top.
The first is health and wellness, with 57% having an ambition somewhere within the realm of health and wellness. For example, 91% say maintaining a healthy lifestyle is crucial to their overall well being, and two-thirds are prioritising physical health and trying to regularly engage in fitness. The second key area of ambition for Canadians is of course, financial stability. We've had some rocky years, beginning with the pandemic, and then we had high inflation and then high interest rates. Now of course, we've got threats coming south of the border. So it's not surprising that the second category is financial stability and 85% acknowledge that financial independence is one of their top priorities, and 7 of 10 say they're actively saving to invest and build a better future.
The third category of ambitions is related to personal relationships. We lost some of those, the ability to reconnect with people over the course of the pandemic as we had bubbles and avoiding crowds and things like that. Well, we're getting more comfortable with re-engaging in society and with our friends and family. Again, 49% say they're prioritising personal relationships, with 8 and 10 saying that building and maintaining strong personal relationships is a key focus.
So, 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.
Carissa: Yeah, and it's really interesting to see that balance and noted about the last several years has probably taught us a lot in some of those areas that you mentioned are really important. So it's really nice to see that balance.
Sean, you've seen the numbers up close and one of the most powerful ones is this. 68% of Canadians are staying locked in on their goals, even with rising costs and economic uncertainty. As someone who's had a front row seat to this research, what do you think is behind this resilience and determination?
Sean: Yeah, it's a great question and we should level set here because Canadians are in a relatively negative mood and we can see why right? The economy is challenged, even our sovereignty is being challenged at this point. And yet despite these challenges, most Canadians, as you say, have made progress towards their ambitions. 68% say they have. In fact, three quarters are pleased with the progress they've made, which actually means that some have held pat, have stayed steady, but they're okay with that, given the challenge that we're facing.
You know, holding steady sometimes is a win if the headwinds are very strong. So, Canadians are taking many steps to drive forward and achieve their ambitions. They tell us that their strategies include prioritising tasks and managing time, utilising all the resources they have available to them, and discussing goals with family and friends. One of the tickets to success that Canadians have shared with us is that those people who regularly celebrate their milestones, who are reviewing their goals, their ambitions, and then celebrate those small successes along the way, they're more likely to achieve their goals and to stay on track and then make progress towards achieving the next one.
I think that's part of the balance, right? Yes, you have to have your head down and do what you need to do to achieve your ambitions. But if you can recognise that you're making progress along the way, it seems to keep people motivated. As a result of being motivated, 61% are optimistic about what they're able to achieve in the future. Again, despite those challenges.
On the opposite side, only 6% of Canadians say that they move further away from achieving their goals. So, they're showing unbelievable resilience by strategically setting those goals, reviewing their goals regularly, and managing their time. Because those people who are reviewing their goals regularly and then celebrating them are more likely to be achieving success.
Carissa: Yeah, and this is great news because, like, as you're saying, it's more about, like, the bite size and the small steps on a journey as opposed to thinking, you may reach a big milestone within a shorter period of time. So, this resilience, this focus rather on continuing to really work towards your goals. It's great to see.
You mentioned something interesting as well. Where successful Canadians, they attribute their success to a few things, like, writing down goals, really identifying whether they're short, whether they're longer term, writing down those goals and having that clarity. The ongoing education piece to continuing to learn and use resources is very important. Then one thing we'll talk about a bit later, seeking that professional help, like identifying that professional financial help is also a big piece to this puzzle.
What I really liked about this research is that it went into the generations. It was really interesting, when you really look at the insights. There's a lot of similarities that you may not think across the board, throughout the generations, and feelings of achieving ambitions, et cetera, but also a lot of differences. So I wanted to dive in a little bit into Gen Z.
According to your research, they're the most ambitious and optimistic generation on the block. They're setting bold goals, they're chasing financial independence, and they're laser focused on career growth. Meanwhile, Millennials and Gen X seem a little less confident about meeting their goals. But what's behind the generational split? Because, if you think about Gen Z, they face some of the most challenging financial hurdles today. For example, you know, starting a career and maybe saving for a first home.
Why is Gen Z charging ahead with such intensity? What does this say to the more mature generations and where they're at in their journey?
Sean: Yeah, so 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 recognise their progress and build on that. So for example, it might be if you're a student, getting through to the end of the term and passing that day of exam with a good grade, you know, a great, great goal, a great ambition, to be sure, and one that you're able to realise and take satisfaction from in three or four months.
So, the Gen Z goals revolve around saving more money, increasing their income, and spending quality time with friends and family. They're also very focused on achieving a better mental state, reducing stress and anxiety, improving their sleep quality, and improving their physical fitness. Some of these things, again over the course of the pandemic, were put to the wayside where education was done online, they weren't able to get together with their friends, and as a result, Gen Z's mental health struggle more than the other generations.
But now that they're focused on those, and they're, as you noted, by far the most likely to say they made positive movement towards their ambitions, with 8 in 10 saying that they're able to achieve those ambitions. Note that aside from saving more and increasing income, most of the rest of their ambitions aren't financial. Frankly, financial ambitions sometimes take a little bit longer to achieve.
With Millennials, they're also on the same page with regards to saving more money, no doubt. Saving for a down payment for a home is part of that equation for many people. But they're also prioritising spending quality time with friends and family, physical fitness and then increasing their income comes in number five — it was higher for Gen Z. 72% of them say that they've made a positive contribution towards their ambitions. Whereas if we look at Gen X and boomers, you know, that proportion who say that they've made positive improvement declines, yet satisfaction doesn't. Right?
So older generations may be a little bit more okay with maintaining the status quo. As long as they're not losing ground, that's okay, that's a win for them. Maybe a little less ambitious overall than younger people, but certainly still satisfied with the progress they're making.
Carissa: That's great insight. A very agile generation for sure, Gen Z. So Canadians get it. They know that long term financial health matters. But the data shows the reality is tilted towards a focus on shorter term goals, like for example, paying down high interest debt, building an emergency fund, maybe a travel budget, just to name a few.
Is this a case of I will plan for the future later, or is the affordability factor and stretch of our dollar forcing people to live in the now? How much of this is mindset or living in the current?
Sean: It tilts a little bit to the latter. Responding to the current environment, we're facing challenges that we've never had to face before in Canada; we sort of call it a poly crisis. At Ipsos, we were reviewing any number of things, whether it's a housing affordability crisis, inflation that was very high for a period of time, interest rates that are still higher than they have been historically in Canada for the last couple of decades anyway.
Remember when inflation was at 7 or 8%, that was just the average. Things like shelter, things like food were well over 7 or 8% inflation. So, the generations are responding to those challenges and the way I like to describe it is that the urgent has superseded the important. What that means is that yes, saving for retirement absolutely is important. Everybody realises 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. If you're struggling to put food on the table, if you're struggling to find affordable rent, or putting every cent that extra you have away into a down payment for a home, you need to deprioritise some longer term priorities as a result. So in our data we're seeing that 61% of Canadians are focused on achieving primary ambitions in the short term. Again, I think it is a reflection of the current environment. Money obviously is recognised by 85% as being a crucial enabler of ambitions and economic stability is an ambition shared by 84% who want to secure their family's financial future.
So yes, the economy is unpredictable, uncertain, right now, depending on what happens with tariffs, it could deteriorate, or if we manage to escape them, it could improve going forward. What Canadians are doing, their ambition, is to insulate themselves from these shocks by focusing on their financial situation more in the short term, prioritising their tasks, paying for today while saving for tomorrow in order for them to meet both those short and long term goals. But as a result of the economic environment right now, I think the pendulum, and we're seeing this in the data, is swinging a little bit more to the short term. And as things become a little bit less unpredictable, a little bit more certain, I think we'll see that pendulum swing back towards the longer term again.
Carissa: Yeah, definitely. Over the last several years, Canadians have had to really make some new choices or different types of choices to really focus on some of the fundamentals. Whether it is their cash flow and budget and sometimes that choice could be whether you put your money towards your extra money that you have after expenses into a TFSA or RRSP, maybe you can't do both. But what I'm hearing is in the good news is that Canadians are still very focused and they understand the importance of saving for the future, but laser focused because of the experience on the fundamentals of having things like an emergency fund and being able to cover expenses, but still having that mindset for the future.
The data shows financial independence is the big goal and ranks as top priority across all generations. But let's be real, each generation is running a different obstacle course to get there. Gen Z could be just entering the workforce. Millennials are juggling debt and rising costs. Gen X are in the peak earning years, but could be feeling squeezed and boomers are focusing on preserving the wealth that they have built.
How is each generation defining this big goal of financial independence in this environment? What does the data tell us about the specific hurdles that they're facing?
Sean: Financial independence for a Gen Z obviously looks very different than it does for a boomer. Many of them are students. Financial independence may be being able to pay for their tuition and books without the help of their parents, or taking a student loan as they work, as they finish school and get into the workforce and maybe moving out on their own or maybe no longer needing a roommate in order to rent.
For Millennials, it's more focused on being able to set aside a down payment for a home and to be able to establish their own financial budget and household and to grow their position and to stabilise their financial situation. For Gen X, we're starting to look a little bit further into the future and say okay, financial independence means that I'm not going to have to work until I'm 80 and being able to put away a nest egg, a rainy day fund in order to get me through all the challenges that life has for me and so that I can retire at a reasonable age.
Then finally, for baby boomers, financial independence means yes, preserving the wealth that they have accumulated, but also ensuring that they're not financially dependent on their children as they age. They can maintain that financial independence all the way through life.
There's one generation where we're seeing a fairly significant barrier and that barrier is with Gen Z and mental health. As we know, the pandemic was very challenging, particularly for Gen Z. A lot of their education turned online. They weren't able to spend time that young people ought to be able to spend with their friends. Labor disruption. There were a lot of job losses in the service sector which over index on Gen Z and the promise of the post pandemic rebound never really materialised because we were immediately into high inflation, high interest rates and affordability crisis.
So, we're seeing in our data that Gen Z in particular say that they are worried about their financial health and that their emotional state acts as a barrier. Because even though financial health is distinct from mental health, for Gen Z in particular, those two are linked. I think there's the belief that perhaps without achieving stronger mental health, they may not be able to achieve the financial independence of the financial health that they're looking for as well.
For Gen X, the challenge is largely financial. This is the sandwich generation. They have kids, they have mortgages, they have aging parents, they're paying a lot of tax because they're in the primary earning years of their career and they're really struggling financially. For boomers, they're obviously focused more on health and making sure that they're able to maintain a healthy lifestyle as they age.
Carissa: Yeah, that's very interesting and I think you've really hit on something important, especially for this generation. I think everybody at the time probably thought the pandemic would be over and everything goes back to normal. But the new norm is a lot of economic challenges that have not gone away and have stayed. Whether that be the cost of everyday living or just in general things that maybe the Gen Z generation feel is out of their reach.
But it's interesting that the alignment to mental health and that entire well-being, financial is a big piece of it, a big component. But overall well-being is just as important. So one of the key takeaways from the index is how crucial the right support is when it comes to making real progress and you shared what the Canadians that are successful or feel that they're very successful in achieving their goals, what are some of the things that they focus on.
Canadians who feel confident about their financial future, and this came out in the index as well, or the insights of the index. They often point to their bank as a trusted partner in that journey with them. What's really making the difference for them? Is it the confidence in a solid financial plan or is it the personal guidance that they're getting that turns their ambitions into reality? What do you think is behind these insights?
Sean: Canadians have said it's the number two strategy that they've outlined, which is to utilise available resources. Of course, the bank and the support that your bank can offer is one of those resources. What we found in the research is that Canadians who are successfully advancing their ambitions are more inclined to utilise their bank as a resource for achieving their goals, with a usage rate of 60% compared to only 49% among those who aren't. So you're 10 points more likely to utilise your bank if you're achieving your goals versus not.
So there's certainly a correlation there and there are a number of ways, I think, in which Canadians say that they're utilising that relationship. One is assistance with strategic planning. So writing down those goals, adjusting, creating detailed plans, and helping to prioritise tasks and manage time. The second is in skills development. We can use the skills and the thought leadership that the bank is producing to help us up our game, engaging in ongoing education, development, and utilising the resources and tools, budgets and other tools that CIBC has in order to up our collective knowledge.
The third is to leverage networking and support systems, and certainly the bank is part of that support system and in helping to improve the financial health of Canadians and its customers. Then, the fourth is sort of the most traditional way that we think of a bank which is going in and seeking financial assistance from a planner to sit down and create goals and to track progress and to receive guidance with investments and taxes and any other things that we might traditionally think of.
So if you are strategic planning, developing leveraging systems, and seeking that professional help, you are highly likely, more likely to be feeling successful about achieving your ambitions and optimistic about the future because you're obviously benefiting from access to those resources and that help.
Carissa: Yeah, and it's really interesting that so much of that came out in the index and around some of the strategies that individuals and Canadians are using. This came out loud and clear.
So through this index, it really uncovered a wealth of insights and it helps us truly understand how Canadians are thinking and feeling right now. You have a lot of experience in this space and just based on the work that you're doing, currently doing not only with this Ambitions Index, but with Ipsos in general. Do you see how Canadians are feeling through the insights that we saw? Do you see a link to future trends? Do you think, you know, the results will drastically differ a year from now or two years from now?
Sean: I think they might because, you know, we're at such a specific moment in time with these challenges that I think we never thought we would need to face. As I said right off the bat, in spite of those challenges, we're making progress. So if we're able to get past some of those challenges, if we're able to get past the fear and concern that the legitimately so, the fear and concern around tariffs, if job anxiety declines, if the markets rebound, et cetera, et cetera, all of these things that at some point will happen, things will get better.
Then I can only see Canadians achieving more progress towards their ambitions, being even more satisfied with the progress they've made, and indeed setting out new ambitions for themselves to achieve as they check the box on previous ambitions and their success. So, I'm hopeful Canadians remain hopeful despite the challenges. As the situation improves, as we have less uncertainty, 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.
Carissa: Sean, thank you for joining me today. Such an informative and insightful conversation. It's been such a pleasure. I think this work is very impactful to help us understand how Canadians are feeling in the current environment, but also how they're feeling about their future. I think this work also encourages others that may not have had the chance to really, reflect on what their goals are and think about the elements that are important to them.
I think it encourages them to think about their plan and to start today if they haven't. So thank you so much for joining me again.
Sean: Oh, my pleasure. Thanks for having me and it's been a lot of fun, very interesting in learning about Canadians and their ambitions through this research. So thank you for involving Ipsos.
Carissa: What we heard today is clear. Canadians are reshaping their ambitions, balancing purpose with practicality and redefining what success looks like in today's complex world. These goals are more personal, more grounded and more aligned to the realities that we all face. Here's the good news: Progress is achievable. With a strong financial plan, ongoing advice and guidance and clear, evolving goals, you can move forward with confidence.
At CIBC, we are here to walk that journey with you, offering advice, tools and insights to help you build the future you envision. If you want to dive deeper into how Canadians are feeling across all areas of well being, we have linked the full CIBC Ambitions Index in the show notes. For more tips, tools and financial advice visit cibc.com/smartadvice.
Thank you for tuning in to Smart Advice. I'm Carissa Lucreziano. If you enjoy today's episode, feel free to share it with your network. To make sure you never miss an episode, follow Smart Advice on your favorite podcast platform. Thanks again and we'll see you next time.