BMO Wealth Management Introduces Canada''s First National Wealth Index
- Index ranks residents of each province on who is most successful at managing their wealth - Saskatchewan places 1st among provinces in inaugural study - Canadians score highest in having a financial strategy and having a life insurance plan in place; opportunities exist for them to improve by working with a professional to ensure efficacy of their financial plan and prioritizing saving for retirement - Two thirds of Canadians feel they are financially prepared for a major life change
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 06/12/15 -- BMO Wealth Management today launched a first-of-its-kind national Wealth Index, which provides a snapshot of Canadians'' financial situations and measures their ability to manage their wealth.
The inaugural BMO Wealth Management Index ranks residents of each province out of a score of 100 on who is most successful in managing their wealth. This is determined by looking at a variety of criteria, including: having, reviewing and maintaining a financial plan; household debts and assets; retirement savings; having insurance in place; estate planning components; rainy day savings; and the sustainability of their current financial situation. The Index is unique among financial measures because it considers more than just "balance sheets" (i.e. how much money Canadians have).
With a score of 72.9, residents of Saskatchewan had the highest score among the provinces. They were followed by those in:
The national average score was 69.3. Canadians generally scored highest in the following areas:
The categories in which they had the lowest scores included:
"BMO Wealth Management launched this Index to gauge Canadians'' financial situations and identify where there is room for improvement," said Betsey Chung, Chief Marketing Officer, Canadian Banking & Wealth Management, BMO Financial Group. "We believe that the concept of wealth is multidimensional. Effectively managing wealth is about more than just the state of your balance sheet, it''s also how you adjust to changes in your life and in the world around you - capitalizing on opportunities as they arise while securing your financial future."
Canadians Confident About Financial Preparedness
In addition to questions to determine the Index rankings, Canadians were asked about how prepared they are to deal with significant life changes, such as getting married, the birth of a child, job loss, etc.:
"It''s encouraging that almost two thirds of Canadians believe they can take on a major change successfully," said Ms. Chung. "Life events and market changes are often catalysts for people to reconsider their approach to wealth management. We''re here to help clients turn these changes into opportunities - whether it''s a fresh start, a new endeavour or a chance to give back."
BMO Wealth Management recently launched a multi-faceted ad campaign that is appearing across all customer experience platforms and webpages. The campaign tells the stories of clients going through significant life changes - newly single, aging parents, kids returning after university and changing market conditions to name a few - and showcases how BMO Wealth Management can help clients turn those changes into opportunities for greater financial success and peace of mind.
BMO Wealth Management Index - Provincial Breakdown
Survey results cited in this report are from online interviews with a random sample of 1,403 Canadians, 18 years of age and over, conducted between April 10th and 13th, 2015. As a guideline, a probability sample of this size would yield results accurate to +/- 2.6%, 19 times out of 20. Results have been weighted using the latest census data to be representative of Canadians as a whole.
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About BMO Financial Group
Established in 1817, BMO Financial Group is a highly diversified financial services provider based in North America. With total assets of approximately $633 billion as of April 30, 2015, and more than 47,000 employees, BMO provides a broad range of retail banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, Wealth Management and BMO Capital Markets.
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514-877-8224
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Datum: 12.06.2015 - 04:00 Uhr
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