What do moms want for Mother’s Day?

Mothers often worry about being able to afford retirement, as well as fund their children’s education, says a BMO study.

Those two issues stress out 83% and 67% of moms, respectively.

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Other common concerns are:

• Paying bills and covering household expenses (67%);
• Paying off debt (64%);
• Paying off a mortgage within their desired timeframe (58%).

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“Canadians feel they need, on average, more than $650,000 for retirement, and a post-secondary education may cost as much as $140,000 for a child born in 2013,” says Charyl Galpin, co-head of BMO Nesbitt Burns.

“While it may seem overwhelming at first, it’s not unachievable,” she says.

The study shows 40% of mothers said they or their family don’t have a financial plan, putting these families at risk of not being able to fund key life events.

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Around 85% of moms are concerned about the state of the economy; however, almost 60% are confident in Canada’s economic future. And, 44% of moms believe their children will be more financially secure than they are, versus 27% who feel their children will be worse off.

Almost 94% of moms would be happy with getting some Mother’s Day affection and quality family time, rather than getting gifts.

Staff

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