BMO helps track how consumers feel about their personal finances
BMO has released results from the second wave of the BMO Real Financial Progress Index. The survey, conducted in Canada and the United States in partnership with Ipsos, is an indicator of how consumers feel about their personal finances and whether they are making financial progress. It also aims to spark dialogue that will help consumers reach their financial goals and to humanize a topic that causes anxiety for many: money.
Here are the top-line findings about consumers in Canada:
Canadians Lag Americans on Perceptions of Financial Progress but Strong Financial Habits Established During the Pandemic
- Slightly over a third of Canadians (37 per cent) feel confident that they are improving their financial situation right now. When looking at the U.S., that number jumps to 50 per cent. In Canadian cities, Montrealers are slightly more optimistic about their financial situation (42 per cent) while Canadians in Vancouver and Toronto sit below average at 35 per cent and 34 per cent, respectively.
- Canadians are taking the time in the pandemic to establish a good financial foundation. A healthy majority (69 per cent) are setting financial goals for themselves; specifically, most Canadians are looking towards and saving for retirement (58 per cent) and close to 40 per cent are working towards paying down debt. Most (74 per cent) also feel that they are on track to meet their financial goals.
Learn more:
- To read the full story of how consumers are feeling about their financial progress in Canada, please visit the BMO press release.
Here are the top-line findings about consumers in Canada:
U.S.: Generation Z and Millennials Lead the Way as Financial Progress, Security and Confidence Increase
- Americans ages 18-34 feel decidedly more upbeat about their financial situations, showing large strides since January.
- 65% of Gen Z and 68% of millennials say they feel more financially secure today than a year ago, compared to 46% and 59% respectively in January, representing the largest increases of any age group.
- 80% of Gen Z and 82% of millennials say they are confident in their financial situation right now, compared to 64% and 76% respectively in January. Moreover 80% of Gen Z and 84% of millennials say they are optimistic about their financial futures right now.
Learn more:
- To read the full story of how consumers are feeling about their financial progress in the U.S., please visit the BMO press release.