Eighty percent of Canadians plan to make a New Year’s resolution for 2014, and more than one-third of all resolutions will be related to personal financial issues.
A BMO Wealth Institute study finds that resolutions related to personal finances (36%) rank second to health and fitness (51%), and ahead of personal (31%), success in love (19%) and workplace goals (17%).
Of those who have made a financial New Year’s resolution in the past, 60% reported that they kept them, versus 42% who have kept resolutions related to health and fitness.
“It’s encouraging to see that so many Canadians will be making financial issues a priority in the upcoming year,” says Chris Buttigieg, senior manager, wealth planning strategy, with BMO Financial Group.
The survey found that 59% of Canadians currently have a financial plan (down from 64% in 2012). Of those who have a financial plan…
- 82% reported that their plan has helped them achieve their goals;
- 69% wished that they had created one earlier; and
- 93% review their plan at least once a year.
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