BMO Financial Group

BMO Financial Group
BMO Bank of Montreal

BMO Bank of Montreal

October 26, 2012 06:00 ET

BMO Launches Financial Planning Website

- Site will help Canadians feel more confident about their financial situation; offers a variety of online calculators, worksheets and checklists

- New study from BMO indicates that almost two-thirds of Canadians have a financial plan, up 10 per cent from 2010

- Of the 36 per cent who don't have a plan, most say they don't know where to start and/or feel they don't have enough money to start a plan

TORONTO, ONTARIO--(Marketwire - Oct. 26, 2012) - BMO Financial Group today announced the launch of a new financial planning website that will enable Canadians to determine what steps to take today to reach their financial goals with confidence.

A financial plan helps people work towards their short and long-term goals like the purchase of a new home, saving for a child's education or investing for retirement. It is a roadmap that outlines the path forward from where they are today to where they want to be in the future. At BMO, the process begins with a financial advisor reviewing a person's finances - including assets, liabilities, income, spending habits and investments - then building a personalize plan that takes these items and risk tolerance into account and fits with the rest of his/her life.

According to a study released today by BMO, two-thirds (64 per cent) of Canadians have a financial plan, up 10 per cent from two years ago. However, more than one-third (36 per cent) still lack a financial plan, potentially hindering their ability to realize their financial goals.

"It's encouraging to see that an increasing number of Canadians have a financial plan," said Lisa Parise, Director of Enterprise Wealth Planning, BMO Financial Group. "However, there is still room for improvement as more than one-third of Canadians still lack a plan. Without one, it's easy to get distracted and not take the necessary actions to get you where you want to be."

The study also found that, of those Canadians who do not have a financial plan:

  • Thirty-seven per cent do not know how to get started.
  • Thirty per cent believe they do not have enough money to make a plan worthwhile.

BMO Financial Planning Website Offers a Variety of Tools and Resources

Responding to these concerns, BMO launched its new website with the goal of helping Canadians better understand how financial planning sets them on the right path to achieving their goals.

The BMO Financial Planning website, at, features a full range of online tools to help Canadians get started, including:

  • Retirement Savings Calculator: Allows you to see how much money you will need for retirement and determine if you are on track to finance your ideal retirement lifestyle.
  • Major Purchase Calculator: Helps you prepare for big expenses such as a house or cottage by assessing if you have the right savings strategy.
  • Education Savings Calculator: Allows you to see how much money you will need for your child's education and if you are on track.
  • Cash Flow Worksheet: Will help you outline your cash flow, where you are spending your income, which expenses are necessary and where you could potentially start to save more money to better achieve your goals.
  • Net Worth Worksheet: Allows you to compare what you currently own (assets) and what you currently owe (liabilities) to give you a better understanding of your finances and how you can reach your future goals.

"Understanding one's goals is the key to successful planning. BMO's new financial planning website offers a variety of calculators, checklists and videos to assist Canadians in achieving their goals," said Ms. Parise. "It doesn't matter how much money you have as long as you can identify what really matters to you and build a plan that works for your life."

Other Key Study Findings:

  • An overwhelming 80 per cent of those with a financial plan feel it has helped them achieve their financial goals.
  • Seventy-seven per cent of Canadians with a plan wish they had created one sooner.

For more information on planning for the future, please visit

Get the latest BMO press releases via Twitter by following @BMOmedia.

BMO Financial Planning Study- Regional Breakdown (all in %)

Have a financial plan 64 57 62 69 57 59 63
Feel the plan has helped them achieve their financial goals 80 87 85 75 86 86 79
Wish they had done a financial plan sooner 77 74 80 78 67 73 78
Of those without a plan- did not know where to start 37 35 32 41 45 30 38
Of those without a plan- don't have enough money 30 41 26 34 20 26 29

The online survey was conducted by Pollara with a random sample of 1,000 Canadians 18 years of age and over, between September 6-10, 2012.

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