Bad spending and savings habits combined with an unwillingness to make sacrifices are keeping many Canadians from improving their financial standing, suggests a new study released by Bank of Montreal (BMO) on Tuesday.

Almost nine of 10 Canadians surveyed (88%) would like to improve their financial standing, according to the 2015 BMO Psychology of Savings Report; however, more than one-quarter (27%) don’t know where to start.

Almost four in 10 respondents (38%) say they have developed bad spending and savings habits that are negatively affecting their finances, while another 31% are not willing to give up the things they enjoy to improve their financial standing.

Thirty-six per cent of respondents regret past financial decisions, 17% have felt ashamed or embarrassed by their money situation and 13% have avoided looking at financial statements or bills.

Among respondents admitting to a financial regret, spending outside their means tops the list of regrets, at 37%. That’s followed by 34% of respondents who regret not using more self-control with their finances, including making unnecessary or impulse purchases, and 25% of respondents who say past spending habits have led them into debt. Finally, 20% of these respondents regret having made purchases that prevented them from putting funds toward savings and debt repayment.

The BMO report was completed by Pollara between June 12 and 16, with an online sample of 1,003 Canadians.