Two-thirds of Canadians Adjust Summer Plans in Response to Rising Gas Prices: BMO Poll

Two-thirds of Canadians Adjust Summer Plans in Response to Rising Gas Prices: 
BMO Poll 
- Six-in-ten Canadians will be reducing their summer driving 
- Over half will opt for a staycation to reduce travel costs  
- Millennials summer plans are the most impacted by rising costs 
TORONTO, ONTARIO -- (Marketwired) -- 08/01/14 --  Ahead of the long
weekend, a new BMO poll released today revealed rising gas prices are
causing over two-thirds (68 per cent) of Canadians to make cutbacks
in a number of areas over the course of the summer. 
The poll, conducted by Pollara, revealed how higher gas prices will
affect Canadians, and the cutbacks that they plan to make as a
result: 


 
 
--  Six-in-ten (59 per cent) say they will be reducing the amount of driving
    they do 
--  Over half of Canadians (52 per cent) will take less trips out of town
    and more staycations 
--  Four-in-ten (38 per cent) will have to cut back on other household
    spending 
--  Millennials (Canadians aged 18-34) are the most likely to be affected,
    with 78 per cent saying they will have to make changes to their summer
    plans 
 
Regional Impact of Rising Gas Prices:                                       
                                                                            
----------------------------------------------------------------------------
                                              ATL   QC   ON  MB/SK   AB   BC
============================================================================
Reduce out of town trips and have more                                      
 staycations                                  68%  44%  52%    60%  57%  55%
----------------------------------------------------------------------------
Reduce amount of driving                      64%  63%  57%    60%  54%  63%
----------------------------------------------------------------------------
Reduce other household spending               37%  35%  43%    42%  33%  37%
----------------------------------------------------------------------------

According to industry data, gas prices in Canada have fluctuated 13.1
cents per litre in the past six months.  
"Increased expenses because of gas prices can have a large impact on
vacation budgets, causing out-of-town trips to be a finan
cial
burden," said Tony Tintinalli, Regional Vice President, BMO Bank of
Montreal. "Staycations are increasingly popular, especially as gas
prices rise. Canadians still want a summer vacation, so they are
going to take advantage of their home towns, and all they have to
offer." 
Mr. Tintinalli added that cashing in your reward miles to offset
travel costs and other activities can help Canadians maximize their
spending. 
For Canadians looking to maximize their summer fun and savings, BMO
offers the following tips: 
- Leverage rewards to offset costs: Redeem reward currency to offset
travel costs and save on merchandise, such as sporting or camping
gear, tickets to local attractions and more. Take advantage of your
credit card's features, including, travel and medical insurances and
roadside assistance.  
- Don't overspend: Spend less than you make. Develop a budget that
establishes how household expenses will be paid and how spending will
be managed. Take advantage of free online tools - such as BMO
MoneyLogic included with your BMO Everyday Bank Plan and personal BMO
credit card - to help you stay on top of everyday spending and
saving.  
- Shop around for a credit card that rewards you: If used
responsibly, credit cards are a great payment option because of their
convenience, security and loyalty reward features. This summer, apply
for a BMO AIR MILES World MasterCard and earn up to 2,000 bonus AIR
MILES reward miles (1,000 miles with your first purchase and 1,000
miles when you spend $1,000 in first three months). That's enough for
two short-haul flights - helping you save on summer travel.  
The BMO Summer Spending Survey which was conducted by Pollara between
May 26th and 28th, 2014, with an online sample of 1,518 adult
Canadians. Data has been weighted using the latest Canadian census
information to be representative in terms of age, gender and region.
The margin of error for a probability sample of this size is +/-
2.5%, 19 times out of 20. 
About BMO Financial Group 
Established in 1817 as Bank of Montreal, BMO Financial Group is a
highly diversified financial services organization based in North
America. The bank offers a broad range of retail banking, wealth
management and investment banking products and services to more than
12 million customers. BMO Financial Group had total assets of $582
billion and more than 45,500 employees at April 30, 2014. 
Contacts:
Media Contacts:
Matt Duffin, Toronto
(416) 867-3996
matthew.duffin@bmo.com 
Valerie Doucet, Montreal
(514) 877-8224
valerie.doucet@bmo.com 
Internet: www.bmo.com
Twitter: @BMOmedia
 
 
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