TORONTO, ONTARIO--(Marketwired - June 10, 2013) - Today, BMO Bank of Montreal released the results of its 2013 Father's Day Survey, which found that the 94 per cent of Canadians who plan to open their wallets to celebrate Dad this year are looking to spend an average of $95 - up from $86 in 2012.
This follows the recent BMO Mother's Day Survey, in which Canadians said they would spend an average of $107 this Mother's Day - 13 per cent more than what they intend to spend this Father's Day. However, spending intentions have increased for both Mother's Day and Father's Day this year (27 per cent and 10 per cent, respectively).
"Canadians are in the spending spirit this year when celebrating Mom and Dad. However, it's wise to avoid over-spending and regardless of the occasion, always try to spend within your means," said Nick Mastromarco, Director, BMO Bank of Montreal. "To get the most out of your dollar this Father's Day, take advantage of reward programs that help you maximize your budget."
The survey, conducted by Pollara, also revealed:
- Regionally, those in Alberta ($116) and B.C. ($101) are set to spend the most on Dad this year
- Atlantic Canadians plan to be the most thrifty, spending an average of $61
- Sons ($110) plan to open their wallets a little wider than daughters ($80) to celebrate Dad
This summer, BMO is helping Canadians make the most of their spending by offering up to $200 in cash when you open a chequing and savings account, and the opportunity to earn 500 bonus AIR MILES reward miles for getting a no-fee BMO AIR MILES credit card.
BMO Offers Budget-Friendly Tips for Canadians Celebrating Father's Day:
Devise a game plan - Before heading out to the stores to search for the perfect gift for Dad, have ideas of what you'd like to purchase and set spending limits to ensure you stay in-line with the household budget.
Keep an eye out for sales - Retailers are often anxious to clear their inventory before Father's Day, so keep an eye out for sales. Take the time to do some comparison shopping as well to ensure you don't break the bank while shopping for Dad.
Use reward programs - Get more out of every dollar you spend by using a credit card with loyalty reward programs. The rewards you earn on Father's Day purchases using a BMO World Elite MasterCard or BMO AIR MILES MasterCard can be used later to make travel, vacations, gift-giving and everyday living more affordable.
The BMO Father's Day Survey was conducted by Pollara. Survey results cited are from online interviews with a random sample of 1,000 Canadians 18 years of age and over, conducted between April 25 and April 29, 2013. As a guideline, a probability sample of this size would yield results accurate to ± 3 per cent, 19 times out of 20. Data has been weighted by region, gender, and age, based on the most recent Census figures, so that it is representative of all adult Canadians.
About BMO Financial Group
Established in 1817 as Bank of Montreal, BMO Financial Group is a highly-diversified North American financial services organization. With total assets of $555 billion as at April 30, 2013, and more than 46,000 employees, BMO Financial Group provides a broad range of personal and commercial banking, wealth management and investment banking products and solutions.