BMO Real Financial Progress Index reveals two distinct realities
On February 10, the inaugural BMO Real Financial Progress Index was released, providing an indicator of how consumers feel about their personal finances and whether they are making financial progress. The index, conducted with public opinion polling partner Ipsos, aims to spark dialogue that will help consumers reach their financial goals and to humanize a topic that causes anxiety for many – money.
The findings showed financial optimism among both Canadians and Americans as they weather the uncertainty of the pandemic.
Results also showed a story of two differing financial experiences in each country – those who feel they are making financial progress and those who do not have different outlooks and different behaviors when it comes to money. Everyone, however, has some level of financial anxiety primarily brought on by the pandemic and the uncertainty it has caused.
“For those that feel they are making financial progress, this is the time to double-down on the habits that have moved the needle, and understand how to manage gains effectively so they can carry them forward post-pandemic in ways that help grow their money,” said Paul Dilda, head of consumer strategy for BMO Harris Bank. “For those that need assistance, it’s time to reexamine their finances through the 2021 lens. It’s the perfect time to set goals, talk with people they trust and take advantage of the programs and educational resources that banks offer. All of these tactics can help them better understand their current financial situation and make progress toward what they want to achieve.”
“Given financial optimism for 2021, we hope this research encourages more dialogue about what it means to get ahead and how to carry forward any positive habits formed during the pandemic,” said Gayle Ramsay, Head, Everyday Banking and Customer Growth, BMO Bank of Montreal.