Financial plans are critical in helping face milestones: BMO
With the start of Financial Planning Week days away, BMO Financial Group today 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 impor- tant 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 wellearned retirement, a personalized financial plan will help you achieve your short and long-term goals. 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.
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.