BMO Survey: Canadians Not Making The Grade When It Comes To Personal

More than half don't think they're on the right track; almost 20 per cent have no idea what's in their portfolios

TORONTO, Feb. 23 /CNW/ - According to a new survey prepared for BMO Financial Group, Canadians have nagging doubts about their personal investment behaviour this RRSP season. They are struggling to determine what they should do with their investments and, in many cases, are investing their money with not much confidence they are making the right choices.

BMO's survey, conducted by Leger Marketing, found that:

    -   Nearly two-thirds of Canadians who have investments have a mix of
        equities, cash, fixed income investments and diversified mutual funds
    -   However, more than half (58 per cent) of respondents who know what
        investments they hold think they are not on the right track
    -   About one in five (18 per cent) of Canadians do not know what they
        hold in their investment portfolios
    -   One-third of Canadians do not know what should be in a successful
        investor's portfolio

Most Canadians (57 per cent) said they understand the mark of a successful investor is that they consult with a financial advisor. Only one-third (34 per cent) reported having a financial plan. Still, BMO points out that this is an improvement over last year, when only 27 per cent reported having a financial plan.

"The first step in taking charge of your investments is to understand what type of investor you should be, and RRSP season is the perfect time to get started," said Tina Di Vito, Director, Retirement Strategies, BMO Financial Group. "Are you trying to accumulate wealth, preserve your wealth or generate income from your investments? Once you have the answer, it becomes much easier to sit down with a financial advisor and develop a financial plan that will address your needs."

Canadians are also unsure how much attention their portfolios deserve. Nearly two-thirds of survey respondents (63 per cent) indicated that, ideally, investments should be monitored on at least a weekly basis, if not daily. However, 73 per cent of investors said they check their investments no more often than monthly.

"If you are following a well-defined strategy, you should be reviewing your investments at least once a year," counsels Di Vito. "However, we recommend you also re-evaluate things as your personal situation changes. This could include major life changes such as getting married, having a child or purchasing a home."

About the Survey:

The survey sought responses from a national random sample of 1,519 Canadian adults, 18 years of age or older, and was conducted between January 4 and January 7, 2010.

Using a random sample of respondents in Canada, this method simulates a probability sample, which would yield a maximum margin of error of +\-2.5%, 19 times out of 20 for the total sample of 1,519 respondents.


For further information: For further information: For all media enquiries please contact: Nini Krishnappa, Toronto,, (416) 867-3996; Ronald Monet, Montreal,, (514) 877-1873

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