With the start of Financial Planning Week days away, BMO Financial Group Friday 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% 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:
- 86% cent of Canadians believe a financial plan is critical when saving for and buying a home;
- 82% report that a financial plan is important for raising children and saving for their education; and
- 92% 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 well-earned retirement, a personalized financial plan will help you achieve your short and long-term goals.”
The study also found that 44% of those with a plan review it a few times a year, while more than one-quarter (28%) 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 Pospiech. “A financial professional can help you understand your options, offer checkpoints to follow your progress, adjust your plan as your circumstances change, and work with you to ensure you stay on track for success.”