BMO Survey: Inflation Has Caused One Third of Canadians to Reduce Savings Contributions

TORONTO, Sept. 20, 2022

BMO has also launched the Savings Goals feature in its Mobile Banking app which enables customers to set their financial goals in minutes, track their progress right from the account summary page and celebrate when they reach milestones towards achieving their goals. In addition, the ability to set custom transfers makes it easy for customers to set and forget their regular savings contributions by setting a minimum balance on their source account.

According to the BMO Real Financial Progress Index, one third of Canadian adults (36 per cent) have reduced their savings contributions due to rising costs of living with almost one quarter (22 per cent) cutting their retirement savings contributions. The BMO Real Financial Progress Index, which provides a quarterly measurement of consumer sentiment around financial confidence, also revealed that 61 per cent of Canadians without financial goals wish they had them in place.

"With the daily cost of living on the rise, it can be tough to prioritize saving," said Gayle Ramsay, Head of Everyday Banking and Customer Acquisition at BMO. "BMO's Savings Goals feature is designed to simplify the process and ensure that our customers don't lose sight of their plans. BMO's new Savings Amplifier account further enhances Canadians' ability to save with benefits like no-fee transfers. Whether it be education, travel, or a big-ticket item they've been saving for, BMO is committed to helping our customers make real progress towards those goals despite economic challenges."

BMO has already helped over 150,000 customers set their financial goals. Customers can set goals digitally or by booking an appointment at a branch.

BMO offers the following tips to help customers start saving, stay on track and achieve their goals:

• Set financial goals then save automatically. Digital tools like Savings Goals on the BMO mobile banking app are an easy way to set and track goals. Digital tools also allow customers to set up automatic transfers to help them stick to their plan.
  
  
• Talk to the experts to learn about managing money. Need more guidance than friends or family can offer? BMO bankers offer Real Financial Progress Checks for customers to discuss their finances and provides advice based on their individual situation.
  
  
• Choose banking options that best suit your goals. Different goals require different financial tools. For example, for those looking to build their emergency savings or save for a down payment or renovation, products like BMO's new Savings Amplifier Account let customers earn money back when they save, helping funds grow faster while providing flexibility to adjust savings goals as life circumstances change.
  
  
• Set up a Custom Transfer that meets unique requirements. A Custom Transfer is a safe and reliable method to transfer money into Savings Accounts when certain conditions are met. Customers can set conditions like a minimum balance from a source account; and BMO's automated solution takes care of the rest. Set it up once, forget about it, and watch your savings grow.

BMO's Savings Goals feature complements a host of digital capabilities focused on helping customers make real financial progress, including BMO Insights, BMO CashTrack, and Selfie ID.