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
National803631191735
Atlantic823928121433
Quebec752720181629
Ontario823835211635
Prairies813234191637
Alberta794031211342
B.C.814238172341

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