With RRSP season in full swing, BMO Financial Group Friday revealed the results of a survey showing that, more than ever before, Canadians understand the importance of a financial plan and the critical role it can play in realizing their investment goals.

Fifty-six per cent of those surveyed by Harris Decima indicated they have a financial plan. Last year, a Leger survey commissioned by BMO indicated that 34% of Canadians had a plan—up from 25% the year before.

The new survey also indicated that Canadians are optimistic about their financial plans, with 91% of those who have a plan feeling that it has helped them or will help them achieve their financial goals.

The study did find some sobering news, however, with nearly half of respondents (44%) saying they do not have a financial plan in place. The main reasons Canadians cited for not having a financial plan were: not enough money (63%); it’s not a priority (35%); and they don’t know where to start when creating a plan (29%).

Other Key Findings:

> 90% of respondents with a financial plan consulted someone when putting their plan together, with 73% having consulted a financial planner.

> Men are more likely than women to report having a financial plan (61% versus 52% respectively).

> 72% of respondents have a clear idea of what they are investing and saving for.

> Those with a financial plan were more likely to make contributions towards their RRSPs (58%) compared to those without a plan (35%).

The online survey was conducted by Harris/Decima among 1,002 Canadian adults, between November 15-24.

IE