CALGARY — A new study released Friday by BMO Financial Group says the vast majority of Albertans believe a financial plan is critical when saving for and buying a home.
The survey indicated 89 per cent of people in the province felt that way compared with 86 per cent across the country.
According to the report: 85 per cent of Albertans with a financial plan (same nationally) are confident that their plan will help them achieve their financial goals; 78 per cent of Albertans (compared with 82 per cent nationally) report that a financial plan is important for raising children and saving for their education; and 96 per cent of Albertans (compared with 92 per cent nationally) believe a financial plan plays a critical role in helping them realize their ideal retirement lifestyle.
The report also showed: 47 per cent of Albertans with a plan (compared with 44 per cent nationally) review it a few times a year, while 26 per cent of Albertans (compared with 28 per cent nationally) go over it monthly; and 22 per cent of Albertans (compared with 19 per cent nationally) conduct an annual review.
"The key to achieving your financial goals tomorrow is creating a plan that starts today," said Marlena Pospiech, Senior Manager of Enterprise Wealth Planning, BMO Financial Group. "Whether you are saving for a house, a family or a well-earned retirement, a personalized financial plan will help you achieve your short and long-term goals.
"It’s critical to review your financial plan on a regular basis – once a year or when a major life event occurs."
© Copyright (c) The Calgary Herald