News Releases

SARASOTA, FL--(Marketwired - Dec 20, 2013) -

• Almost 30 percent of 2014 resolutions will be financially focused
• Floridians surveyed are among the most likely in the nation to keep New Year's resolutions related to personal finances
• Forty-six percent surveyed in the state report having a financial plan; 92 percent feel their plan has helped them achieve their financial goals

According to a study issued today by BMO Harris Financial Advisors, 55 percent of Floridians surveyed will be making at least one New Year's resolution for 2014. Further, 29 percent of all resolutions Floridians plan to make before the clock strikes midnight on December 31^st will be centered around setting goals related to personal finances. 

In fact, 2014 New Year's resolutions related to dollars and cents are expected to be the most popular made in the state, ahead of:

• Personal (learn a new skill, read more, etc.) - 27 percent
• Health and fitness (join gym, diet, quit smoking) - 27 percent
• Love life (start dating, get married, etc.) - 16 percent
• Career (work more/less, get a promotion, etc.) - 13 percent

"Your personal finances have an impact on so many other aspects of your life, so it's a positive sign that many in Florida will be setting financial goals for the year ahead," said Larry Skolnik, Regional Sales Manager, BMO Harris Financial Advisors. 

Floridians and Financial Plans

The study also found that 46 percent of those surveyed living in th e state currently have a financial plan. Of this group:

• Ninety-two percent reported that it has helped them achieve their goals in the past.
• Ninety-three percent are confident that their financial plan will help them achieve their goals in the future.
• Half wish they would have created a financial plan sooner.

Of those Floridians who do not currently have a financial plan, the most commonly cited reasons include:

• Do not think they have enough money to justify having a financial plan (36 percent)
• Never thought of doing a financial plan (22 percent)
• It is not a priority (15 percent)
• Personal financial situation too volatile (12 percent)

"A financial plan can benefit anyone, regardless of their current fiscal situation," noted Mr. Skolnik. "The key is to work with a financial advisor who can help you identify what's important and then build a plan that will get you on track to achieving your goals." 

Key National Findings:

• Sixty-eight percent of those Americans surveyed will be making a New Year's resolution for 2014.
• Setting goals related to personal finances will account for 28 percent of all resolutions made; other areas include health and finance (39 percent), personal goals (27 percent), love life (16 percent) and career (16 percent). 
• Fifty-three percent of those who have made financial New Year's resolutions in the past have kept them, with women seeing them through more than men (57 vs. 46 percent).
• Forty percent of those Americans surveyed have a financial plan.
• Eight-five percent of those with a financial plan feel that it has helped them achieve their goals.
• The top reason identified for not having a financial plan is "do not have enough money to justify having one" (39 percent).

About BMO Harris Financial Advisors
BMO Harris Financial Advisors, Inc., offers a comprehensive range of investment advisory products that include financial planning strategies and estate planning strategies to meet the financial needs of high-net-worth clients. Offices are located throughout the U.S. Learn more at www.bmoharris.com/financialadvisors.

BMO Harris Financial Advisors(SM) is a trade name of BMO Harris Financial Advisors, Inc. Securities, investment advisory services and insurance products are offered through BMO Harris Financial Advisors, Inc. Member FINRA/SIPC. SEC-registered investment adviser. BMO Harris Financial Advisors, Inc. and BMO Harris Bank N.A. are affiliated companies. Securities and insurance products offered are: NOT A DEPOSIT - NOT INSURED BY THE FDIC OR ANY FEDERAL GOVERNMENT AGENCY - NOT GUARANTEED BY ANY BANK - MAY LOSE VALUE.

Estate planning requires legal assistance which BMO Harris Bank and its affiliates do not provide. Please consult with your legal advisor. 

The survey was conducted by Pollara with an online sample of 1,001 Americans 18 years of age and over (including 100 Florida residents), between November 20^th and November 26^th, 2013. A probability sample of this size would be accurate to +/- 3.1%, 19 times out of 20.