Filed Under:Life Insurance, Life Planning Strategies

BMO: Finances top of mind among Canadians

Though Canadians are thinking about money, the percentage of individuals with a financial plan is down compared to 2012.
Though Canadians are thinking about money, the percentage of individuals with a financial plan is down compared to 2012.

Finances dominate the thoughts of Canadian, according to a new study from BMO Financial Group.

More than six in 10 (63 percent) Canadians say they spend more time thinking about finances than other aspects of their life, including:

  • Planning leisure activities, such as their next vacation, shopping plans and deciding what movies and television shows to watch (18 percent); and
  • Pondering the ups and downs of their love life (14 percent).

The report adds that, though Canadians are thinking about money, the percentage of individuals with a financial plan is down compared to last year (59 percent versus 64 percent in 2012).

"It's understandable that money matters tend to dominate the minds of Canadians given that our finances are so intertwined with other areas, including family and how we spend our free time,” says Caroline Dabu, vice president and head of BMO Wealth Planning Group.

According to the study, Canadians who have a financial plan see value in having one: 82 percent say having a financial plan helped them achieve their financial goals and 69 percent say that they wish they had created one sooner.

The study also examines the reasons why a significant number of Canadians still do not have a financial plan. Reasons cited include:

  • Do not have enough money to warrant a financial plan (37 percent);
  • Never thought of doing a financial plan (29 percent);
  • Do not know how to start the process (28 percent);
  • Not sure what a financial plan involves (19 percent).

Survey response by region break down as follows:

Region % who think about finances more than other aspects of life % who think about leisure activities more than other aspects of life % who think about their love life more than other aspects of life % with a financial plan % who say their financial plan has helped them achieve their financial goals
National 63 18 14 59 82
Atlantic 68 17 11 61 85
Quebec 55 20 17 57 85
Ontario 69 18 11 62 78
Prairies 62 19 14 50 81
Alberta 59 22 14 59 80
B.C. 62 16 19 62 90
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