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This New Year, more than one-third of all resolutions will be related to personal financial issues, shows a survey by the BMO Wealth Institute.

Resolutions related to personal finances make up 36% of all goals, ranking second only to health and fitness, at 51%, and ahead of, personal development and volunteerism (31%), success in love (19%) and career and work-related goals (17%).

Read: Advisors forget to plan their own futures

Of those who have made a financial New Year’s resolution in the past, 60% reported that they kept them, versus 42% who have kept resolutions related to health/fitness.

The survey indicates 59% of Canadians currently have a financial plan, down from 64% in 2012. Of those who have a financial plan:

  • 82% say their financial plan has helped them achieve their goals.
  • 69% wish they had created a plan one earlier.
  • 93% review their financial plan at least once a year.

Read: Follow through on financial New Year’s resolutions

Barriers to financial planning

As to why they do not have a financial plan, 37% of Canadians say they don’t have enough money to warrant it. Another 29% say the idea of a plan never occurred to them, while 28% don’t know how to start the process and 19% aren’t sure what a plan involves.

Regional Breakdown:

Region % who plan to make a New Year’s resolution this year % making a financial New Year’s resolution % making a personal New Year’s  resolution % making a love life New Year’s  resolution % making a workplace New Year’s resolution % who have made and kept a financial New Year’s resolution in the past
National 80 36 31 19 17 35
Atlantic 82 39 28 12 14 33
Quebec 75 27 20 18 16 29
Ontario 82 38 35 21 16 35
Prairies 81 32 34 19 16 37
Alberta 79 40 31 21 13 42
B.C. 81 42 38 17 23 41

Read: Why investors need advisors

Originally published on Advisor.ca

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