Canadians with more than $1 million better off today than pre-recession: BMO

High-net worth Canadians spending same or more on vacations, entertainment, clothing
|payroll-reporter.com|Last Updated: 10/04/2013

High-net worth Canadians — those with investible assets of $1 million or more — believe they are more financially secure today than they were before the 2008 recession, according to a study released by BMO Harris Private Banking.

The majority of affluent Canadians (54 per cent) feel they are better off now than they were before September 2008, with only 11 per cent saying they are worse off and 36 per cent reporting their financial situation is unchanged, the study found. This compares with 61 per cent of high-net worth Americans reporting they are better off and only seven per cent stating they are worse off.

Regional Breakdown:

Region

Affluent Canadians who feel they are better off today than before Sept 2008

Affluent Canadians who feel good about their current savings and investment plan

Affluent Canadians who expect the Canadian economy to improve

Affluent Canadians who expect the U.S. economy to improve

National

54 per cent

86 per cent

47 per cent

61 per cent

Atlantic

60 per cent

87 per cent

57 per cent

77 per cent

Quebec

56 per cent

86 per cent

48 per cent

74 per cent

Ontario

46 per cent

86 per cent

45 per cent

55 per cent

Alberta

53 per cent

87 per cent

42 per cent

50 per cent

B.C.

64 per cent

87 per cent

45 per cent

57 per cent

Spending

Affluent Canadians are returning to pre-recession spending levels, the study shows. They are currently spending more than, or the same as, they did prior to September 2008 in a variety of areas, including:

· entertainment and leisure activities (89 per cent)
· travel and vacations (86 per cent)
· club memberships (78 per cent)
· clothing and accessories (75 per cent)
· collections and hobbies (72 per cent).

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