Welcome!

News Feed Item

REPEAT-BMO Harris Private Banking Study: Majority of Canada's Affluent Say They Are Better Off Today Than Before the 2008 Downturn

- Forty-seven per cent are optimistic about Canada's economic future

TORONTO, ONTARIO -- (Marketwired) -- 10/05/13 -- According to a study released today by BMO Harris Private Banking, 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. The study is the second in a series by BMO Harris Private Banking examining trends among the affluent in Canada.

The study found that 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 that their financial situation is unchanged. 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.

The study also revealed that almost half (47 per cent) of high-net worth Canadians expect Canada's economy to improve in 2013; meanwhile sixty-one per cent are optimistic about what the future holds for the U.S. economy. Fifty-five per cent expect to see gains in Asia and one-in-five (19 per cent) expect the financial situation in Europe to improve. Interestingly, affluent Americans are more optimistic about what the future holds for the Canadian economy than their neighbours up north, with 61 per cent stating that they expect increased prosperity for Canada.

"High-net worth Canadians clearly feel they have bounced back well from the 2008 downturn and are fairly upbeat about what the future has in store for Canada's economy," said Alex Dousmanis-Curtis, Senior Vice President and Head, BMO Harris Private Banking. "However, we're also hearing from many of our clients that they remain somewhat concerned about global market fluctuations. They want to work with us to insulate their wealth - as best as possible - against a downturn."

Canada's Affluent are Happy with Their Portfolios and are Spending More

The study also found that 86 per cent of high-net worth Canadians say they are quite comfortable with their current savings and investment plan. Seventy per cent expect stocks to generate the most solid returns over the next five years, well ahead of real estate (39 per cent), bonds (24 per cent) and cash (19 per cent).

Canada's affluent are most bullish about the financial (76 per cent) and energy (75 per cent) sectors but are apprehensive about the manufacturing (30 per cent) sector. This differs from their American counterparts who feel more positive about the technology/IT (80 per cent Americans vs. 64 per cent Canadians) and manufacturing (50 vs. 30 per cent) sectors.

Additionally, the study shows that affluent Canadians are returning to pre-recession spending levels. 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) 

"Increased spending shows confidence in the economy and helps spur economic activity. We're delighted to see such a high percentage of high-net worth Canadians opening up their wallets," said Ms. Dousmanis-Curtis."

Regional Breakdown:

----------------------------------------------------------------------------
Region                         % who feel good                              
             % who feel that       about their   % who expect   % who expect
             they are better   current savings   the Canadian       the U.S.
              off today than    and investment     economy to     economy to
            before Sept 2008              plan        improve        improve
----------------------------------------------------------------------------
National                  54                86             47             61
----------------------------------------------------------------------------
Atlantic                  60                87             57             77
----------------------------------------------------------------------------
Quebec                    56                86             48             74
----------------------------------------------------------------------------
Ontario                   46                86             45             55
----------------------------------------------------------------------------
Alberta                   53                87             42             50
----------------------------------------------------------------------------
B.C.                      64                87             45             57
----------------------------------------------------------------------------

The online survey was conducted by Pollara between March 28th and April 11th, 2013 with a sample of 305 Canadians and 482 Americans with at least $1 million in investable assets. The margin of error for a probability sample of this size is +/- 5.6%, 19 times out of 20 for Canadian results and +/- 4.5%, 19 times out of 20 for US results.

About BMO Harris Private Banking

Backed by the stability and resources of BMO Financial Group, professionals at BMO Harris Private Banking are responsible for the successful management of wealth by providing expert advice and highly personalized services in banking, investment management, estate, trust, succession planning and philanthropic services - all in a coordinated approach. With 35 offices across Canada, including Halifax, Montreal, Toronto, Calgary and Vancouver, BMO Harris Private Banking is able to service clients in a variety of languages.

For more information on BMO Harris Private Banking, please visit http://www.bmo.com/harrisprivatebanking.

Get the latest BMO press releases via Twitter by following @BMOmedia.

Contacts:
Media contacts:
Amanda Robinson, Toronto
416-867-3996
[email protected]

Valerie Doucet, Montreal
514-877-8224
[email protected]

Laurie Grant, Vancouver
604-665-7596
[email protected]

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
"There's plenty of bandwidth out there but it's never in the right place. So what Cedexis does is uses data to work out the best pathways to get data from the origin to the person who wants to get it," explained Simon Jones, Evangelist and Head of Marketing at Cedexis, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
In his session at 21st Cloud Expo, Carl J. Levine, Senior Technical Evangelist for NS1, will objectively discuss how DNS is used to solve Digital Transformation challenges in large SaaS applications, CDNs, AdTech platforms, and other demanding use cases. Carl J. Levine is the Senior Technical Evangelist for NS1. A veteran of the Internet Infrastructure space, he has over a decade of experience with startups, networking protocols and Internet infrastructure, combined with the unique ability to it...
Agile has finally jumped the technology shark, expanding outside the software world. Enterprises are now increasingly adopting Agile practices across their organizations in order to successfully navigate the disruptive waters that threaten to drown them. In our quest for establishing change as a core competency in our organizations, this business-centric notion of Agile is an essential component of Agile Digital Transformation. In the years since the publication of the Agile Manifesto, the conn...
SYS-CON Events announced today that CrowdReviews.com has been named “Media Sponsor” of SYS-CON's 22nd International Cloud Expo, which will take place on June 5–7, 2018, at the Javits Center in New York City, NY. CrowdReviews.com is a transparent online platform for determining which products and services are the best based on the opinion of the crowd. The crowd consists of Internet users that have experienced products and services first-hand and have an interest in letting other potential buye...
Enterprises are moving to the cloud faster than most of us in security expected. CIOs are going from 0 to 100 in cloud adoption and leaving security teams in the dust. Once cloud is part of an enterprise stack, it’s unclear who has responsibility for the protection of applications, services, and data. When cloud breaches occur, whether active compromise or a publicly accessible database, the blame must fall on both service providers and users. In his session at 21st Cloud Expo, Ben Johnson, C...
"We're developing a software that is based on the cloud environment and we are providing those services to corporations and the general public," explained Seungmin Kim, CEO/CTO of SM Systems Inc., in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Enterprises are adopting Kubernetes to accelerate the development and the delivery of cloud-native applications. However, sharing a Kubernetes cluster between members of the same team can be challenging. And, sharing clusters across multiple teams is even harder. Kubernetes offers several constructs to help implement segmentation and isolation. However, these primitives can be complex to understand and apply. As a result, it’s becoming common for enterprises to end up with several clusters. Thi...
"MobiDev is a software development company and we do complex, custom software development for everybody from entrepreneurs to large enterprises," explained Alan Winters, U.S. Head of Business Development at MobiDev, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"Codigm is based on the cloud and we are here to explore marketing opportunities in America. Our mission is to make an ecosystem of the SW environment that anyone can understand, learn, teach, and develop the SW on the cloud," explained Sung Tae Ryu, CEO of Codigm, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that Telecom Reseller has been named “Media Sponsor” of SYS-CON's 22nd International Cloud Expo, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
Data scientists must access high-performance computing resources across a wide-area network. To achieve cloud-based HPC visualization, researchers must transfer datasets and visualization results efficiently. HPC clusters now compute GPU-accelerated visualization in the cloud cluster. To efficiently display results remotely, a high-performance, low-latency protocol transfers the display from the cluster to a remote desktop. Further, tools to easily mount remote datasets and efficiently transfer...
"CA has been doing a lot of things in the area of DevOps. Now we have a complete set of tool sets in order to enable customers to go all the way from planning to development to testing down to release into the operations," explained Aruna Ravichandran, Vice President of Global Marketing and Strategy at CA Technologies, in this SYS-CON.tv interview at DevOps Summit at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
WebRTC is great technology to build your own communication tools. It will be even more exciting experience it with advanced devices, such as a 360 Camera, 360 microphone, and a depth sensor camera. In his session at @ThingsExpo, Masashi Ganeko, a manager at INFOCOM Corporation, introduced two experimental projects from his team and what they learned from them. "Shotoku Tamago" uses the robot audition software HARK to track speakers in 360 video of a remote party. "Virtual Teleport" uses a multip...
In his session at 21st Cloud Expo, James Henry, Co-CEO/CTO of Calgary Scientific Inc., introduced you to the challenges, solutions and benefits of training AI systems to solve visual problems with an emphasis on improving AIs with continuous training in the field. He explored applications in several industries and discussed technologies that allow the deployment of advanced visualization solutions to the cloud.
"Infoblox does DNS, DHCP and IP address management for not only enterprise networks but cloud networks as well. Customers are looking for a single platform that can extend not only in their private enterprise environment but private cloud, public cloud, tracking all the IP space and everything that is going on in that environment," explained Steve Salo, Principal Systems Engineer at Infoblox, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Conventio...