Money trumps love in New Year’s resolutions

This New Year, more than one-third of all resolutions will be related to personal financial issues, shows a survey by the BMO Wealth Institute.

Resolutions related to personal finances make up 36% of all goals, ranking second only to health and fitness, at 51%, and ahead of, personal development and volunteerism (31%), success in love (19%) and career and work-related goals (17%).

Read: Advisors forget to plan their own futures

Of those who have made a financial New Year’s resolution in the past, 60% reported that they kept them, versus 42% who have kept resolutions related to health/fitness.

The survey indicates 59% of Canadians currently have a financial plan, down from 64% in 2012. Of those who have a financial plan:

• 82% say their financial plan has helped them achieve their goals.
• 69% wish they had created a plan one earlier.
• 93% review their financial plan at least once a year.

Read: Follow through on financial New Year’s resolutions

Barriers to financial planning

As to why they do not have a financial plan, 37% of Canadians say they don’t have enough money to warrant it. Another 29% say the idea of a plan never occurred to them, while 28% don’t know how to start the process and 19% aren’t sure what a plan involves.

Regional Breakdown:

Read: Why investors need advisors

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.