“It didn’t surprise me to read that people in Saskatchewan were the most successfully [in Canada] at managing their wealth,” Prairie Wealth Management’s Kevin Hegedus told WP Friday. “People in this province tend to live within their means.”
In April of this year the Bank of Montreal surveyed 1,403 Canadians age 18 and older about their financial situations and how they would fare should they experience a major life event such as getting married or the birth of a child. Some 70 per cent of Saskatchewan residents felt that they would be financially prepared for such an event with only nine per cent not at all confident at being prepared financially. Contrast that with ….
"It's great to see that Saskatchewan residents take charge of their finances to ensure they and their loved ones are financially secure," said Ken Fetherstonhaugh, Regional Vice President and Managing Director, Prairies, BMO Private Banking, a part of BMO Wealth Management. "Wealth is multi-faceted and that's why BMO Wealth Management launched this index - to examine how Saskatchewan residents fare in wealth planning and identify where there are opportunities to grow."
When it comes to life insurance, 72 per cent said that they were ensuring their loved ones’ financial security by having a life insurance policy in place.
“About 65 per cent of our clients are farmers or ranchers,” says Hegedus. “A substantial portion of their net worth is tied up in their farms. Life insurance protects against the unexpected. Critical illness is also important should they be unable to work for six months or a year. Someone has to work the farm in their place.”
Where Hegedus takes the survey results to task is the suggestion 86 per cent of Saskatchewanians that have a financial strategy in place.
“Just two or three out of 10 people who come into my office have a written financial plan,” says Hegudus. “While they might have something in their heads, I’ve seen little evidence that many people have something concrete in place.”
A recent survey suggests clients in one particular province are doing better financially and an award-winning advisor tells us why.