Canadians worry about their personal finances and are unfamiliar with a range of money matters, according to a national survey by BMO Financial Group.

The study, conducted by Harris/Decima, also indicates there is an opportunity for the financial services industry to play a more integral role in helping Canadians better understand the financial landscape.

According to the survey, nearly half of Canadians, 46%, feel anxious when they think about money matters. As well, more than half of those polled, 53%, believe they should be better able to manage their money.

Two-in-three young families, 66%, said they should have a better handle on their personal finances;

The survey also found that respondents with household incomes greater than $100,000 are not immune to feelings of anxiety. One-third, 35%, said they have lost sleep worrying about money matters.

“These findings tell us that Canadians are uncomfortable with their personal finances,” says Sherry Cooper, chief economist, BMO Financial Group. “This discomfort shows itself in their anxiety about financial matters and about having enough money in retirement.”

When asked about their key financial fears, not having enough money to retire comfortably was, by far, Canadians’ most cited concern. Other concerns included:

> 43% cited not having enough money to retire comfortably;

> 20%, said spending beyond their means;

> 13% are concerned they don’t enjoy money while they’ve got it; and

> 12% worry they will outlive their money.

The survey indicates a large majority of Canadians haven’t fully mastered speaking the language of money. Although one-quarter feels completely fluent in financial matters, a large majority, 71%, admit they can get by, but sometimes need help.

Half of poll respondents, 51%, said that financial institutions make money matters more complicated.
The one area where open dialogue about money prevails is in Canadians’ personal relationships: nine in 10 know how much money their spouse or partner makes.

The Harris/Decima poll, commissioned by BMO Financial Group, was conducted from June 17 to 25, 2008 and based on a randomly selected sample of 1,000 Canadian adults.