BMO Study: Financial Plans Are Critical in Helping Face Life's Major
- Eighty-five per cent of Canadians are confident that their
financial plan will help them achieve financial goals such as buying
a home, having children and saving for retirement
- Two-thirds have a financial plan; 44 per cent review their plans a
few times a year
- BMO's Financial Planning website offers a variety of online
calculators, worksheets and checklists to help Canadians feel more
confident about reaching their goals
TORONTO, ONTARIO -- (Marketwire) -- 11/19/12 -- With today marking
the start of Financial Planning Week, BMO Financial Group released a
study which found that Canadians understand the value of a financial
plan - especially for tackling life's major milestones.
According to the study, 85 per cent of Canadians with a financial
plan are confident that their plan will help them achieve their
financial goals; most believe it is essential for being prepared for
major milestones. The report shows that:
-- Eighty-six per cent of Canadians believe a financial plan is critical
when saving for and buying a home.
-- Eighty-two per cent report that a financial plan is important for
raising children and saving for their education.
-- Ninety-two per cent believe a financial plan plays a critical role in
helping them realize their ideal retirement lifestyle.
"The key to achieving your financial goals tomorrow is creating a
plan that starts today," said Marlena Pospiech, Senior Manager of
Enterprise Wealth Planning, BMO Financial Group. "Whether you are
saving for a house, a family or a well-earned retirement, a
personalized financial plan will help you achieve your short and
How often should Canadians review their financial plan?
The study also found that 44 per cent of those with a plan review it
a few times a year, while more than one-quarter (28 per cent) go over
it monthly. Nineteen per cent conduct an annual review.
"It's critical to review your financial plan on a regular basis -
once a year or when a major life event occurs," added Ms. Pospiech.
"A financial professional can help you understand your options, offer
checkpoints to follow your progress, adjust your plan as your
circumstances change, and work with you to ensure you stay on track
BMO Financial Planning Website offers a variety of tools and
To help Canadians, BMO launched a new financial planning website at
bmo.com/confidence. This interactive site allows Canadians to
understand better how financial planning sets them on the right path
to achieving their goals. It features a full range of online tools to
help Canadians get started:
-- Financial Planning Video: Explore the four steps that can help you get a
clear financial outlook for the days and years ahead.
-- First Appointment Checklist: A list of items that would be helpful for
you to prepare prior to your first appointment with your financial
-- Retirement Savings Calculator: Allows you to see how much money you will
need for retirement and determine if you are on track to finance your
ideal retirement lifestyle.
-- Major Purchase Calculator: Helps you prepare for big expenses such as a
house or cottage by assessing if you have the right savings strategy.
-- Education Savings Calculator: Allows you to see how much money you will
need for your child's education and if you are on track.
-- Cash Flow Worksheet: Will help you outline your cash flow, where you are
spending your income, which expenses are necessary and where you could
potentially start to save more money to achieve your goals more quickly.
-- Net Worth Worksheet: Allows you to compare what you currently own
(assets) and what you currently owe (liabilities) to give you a better
understanding of your finances and how you can reach your future goals.
-- A Retirement Story: See how working with a Financial Planner can help
you feel more confident today and in the future through the development
of a customized plan to help you achieve your goals - both financial and
BMO offers the following tips on how to get started with financial
-- What does your future look like? Consider the things you want to achieve
and your desired financial situation in 5, 10 or even 20 years. Make a
list of these lifestyle goals, objectives and milestones.
-- Collect the facts: Assess your current financial situation. Gather
information about your assets, liabilities, income, and spending habits.
-- Seek expert advice: Consult a financial professional to develop a
financial plan based on your unique desired lifestyle goals and
objectives. A financial professional can help you make the right
decisions about managing your money now to achieve your financial goals
in the future.
For more information on BMO Financial Planning:
Get the latest BMO press releases via Twitter by following @BMOmedia.
The online survey was conducted by Pollara with a random sample of
1,000 Canadians 18 years of age and over, between September 6-10,
Amanda Robinson, Toronto
Valerie Doucet, Montreal
Laurie Grant, Vancouver
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