Fi­nan­cial plans are crit­i­cal in help­ing face mile­stones: BMO

The Pak Banker - - Front Page -


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.

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