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Share Name | Share Symbol | Market | Type |
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Bank of Montreal | TSX:BMO | Toronto | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.93 | 0.76% | 123.12 | 122.77 | 123.20 | 123.34 | 121.18 | 122.05 | 4,721,590 | 21:14:57 |
TORONTO, June 18, 2024 /CNW/ - A special report from the BMO Real Financial Progress Index reveals Canadians plan to spend more on vacations and/or travel (20%), home renovations (15%), weddings for family and/or friends (10%) and special events such as graduations and showers (9%) this summer compared to 2023.
Household spending continues to be a primary driver of economic growth. According to BMO Economics, consumer confidence will likely improve following the Bank of Canada's first rate cut in four years, with expectations for another two rate cuts for the rest of 2024 and several more in 2025.
"Inflation is showing continued signs of calming, opening the door for further rate cuts by the Bank of Canada," said Sal Guatieri, Senior Economist, BMO. "Lower borrowing costs and slower-rising living costs should provide sufficient relief to support moderate two per cent growth in consumer spending this year and next."
The BMO Real Financial Progress Index explores Canadians' summer spending plans and forecasts:
While many Canadians plan on spending more this summer and 85% believe they are making real financial progress, nearly half (48%) admit they spend more than they know they should and 15% say impulse shopping has prevented them from making financial progress.
"Many Canadians like to make the most of the relatively short summer and look forward to spending the season travelling, celebrating milestones and making memories with friends and family," said Gayle Ramsay, Head, Everyday Banking, Segment & Customer Growth, BMO. "However, too much fun under the sun without a budget can lead to overspending and you may find yourself drifting away from your financial goals. Working with a professional advisor can help Canadians build a personalized financial plan that allows them to enjoy the summer while staying on track towards their goals and make real financial progress with confidence."
Treat Yourself with Loyalty Program Rewards
As the majority of Canadians indicate that they are now more concerned about inflation (56%) and the cost of living (58%) than they were 3 months ago, many are redeeming rewards earned from their loyalty programs such as Air Miles to cover expenses and finance their summer spending plans.
Over half (56%) of Canadians plan on using rewards earned from loyalty programs on grocery purchases, followed by vacations (27%), entertainment experiences including dining and tickets (20%) and paying monthly bills (17%). Redeeming reward points on grocery purchases is popular among Canadians of all ages, Gen X (61%), Boomers+ (57%), Millennials (55%) and Gen Z (49%),1 and Millennials and Gen Z are the most likely to use their points for vacations (32% for both age groups) and entertainment experiences (29% for Gen Z and 25% for Millennials).
BMO Helps Canadians Keep Their Budgets Cool for the Summer
BMO offers the following tips to help Canadians create and maintain a personalized budget and make real financial progress:
Customers can build financial literacy, monitor financial plans, and reach financial goals through BMO's innovative digital tools and resources:
To learn more about how BMO can help customers make financial progress, visit www.bmo.com/main/personal.
About the BMO Real Financial Progress Index
Launched in February 2021, the BMO Real Financial Progress Index is an indicator of how consumers feel about their personal finances and whether they are making financial progress. The index aims to spark dialogue that will help consumers reach their financial goals and to humanize a topic that causes anxiety for many – money.
The research detailed in this document was conducted by Ipsos in Canada from February 28th to March 18th, 2024. A sample of n=2,500 adults ages 18+ in Canada were collected via the Ipsos panel. Quotas and weighting were used to ensure the sample's composition reflects that of the Canadian population according to census parameters. This survey has a credibility interval of +/- 2.4 per cent 19 times out of 20, of what the results would have been had all Canadian adults 18+ been surveyed.
About BMO Financial Group
BMO Financial Group is the eighth largest bank in North America by assets, with total assets of $1.4 trillion as of April 30, 2024. Serving customers for 200 years and counting, BMO is a diverse team of highly engaged employees providing a broad range of personal and commercial banking, wealth management, global markets and investment banking products and services to 13 million customers across Canada, the United States, and in select markets globally. Driven by a single purpose, to Boldly Grow the Good in business and life, BMO is committed to driving positive change in the world, and making progress for a thriving economy, sustainable future, and inclusive society.
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1 The BMO Real Financial Progress Index defines Boomers+ as Canadians born 1964 or earlier, Gen X as those born between 1965 to 1980, Millennials as Canadians born between 1981 to 1996 and Gen Z as those born between 1997 to 2012. Only Canadians over the age of 18 were eligible to participate in the survey. |
SOURCE BMO Financial Group
Copyright 2024 Canada NewsWire
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