With Mother’s Day just around the corner, a study finds that the top concern keeping moms up at night has to do with saving for retirement.
The BMO Nesbitt Burns study shows that 83% of moms say their biggest worry is being able to afford their ideal retirement.
Other concerns cited by Canadian mothers include having enough money to fund their children’s education (67%), having enough money to cover household bills and other expenses (67%), being able to pay off debt (64%) and having enough money to pay down their mortgage in their desired time frame (58%).
“It’s not surprising that mothers across the country are concerned about saving for retirement and their children’s education,” says Charyl Galpin, co-head of BMO Nesbitt Burns. “Canadians feel they need, on average, more than $650,000 for retirement, and a post-secondary education may cost as much as $140,000 for a child born in 2013.”
Despite the many advantages of having a financial plan, the study found that 40% of mothers stated that they or their family do not have a financial plan, potentially putting these families at risk of not being able to fund key life events.
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