Money top of mind for most Canadians

Nearly two thirds of Canadians spend more time thinking about money than they do any other aspect of life such as leisure and love.

While these money conscious “Canucks” may be dominated by thoughts of dollars and cents, the bigger concern is their financial plan.

The BMO study found the number of people who have some kind of a blue print is down five points from last year and now sits at 59 per cent.

Stephen Cox is a financial planner working with the Desjardins Financial Security Independent Network in Halifax.

He’s not surprised by the findings.

“Money is a very emotionally charged subject,” he tells 660News. “And nothing against the media but if you follow the media these days; it’s usually a bunch of bad news about the economy, the markets, the world and so forth.”

The most common excuse he hears as to why someone doesn’t have a plan is procrastination.

At most, he says, it’s an hour of your time, and by getting your financial situation in order, it will allow you to focus on other things like vacations and fun in the sun.

“There’s lot of work on my end to build it, but the actual part on the client’s end is maybe a couple of hours a year,” the financial planner explains.

Cox admits it’s not entirely impossible to come up with one on your own.

“But you generally don’t do your own heart surgery either, so I would encourage you to seek out a professional whose certified, qualified and so on,” he says. “It’s like a home renovation, do it on your own and take a lot more time or hire a pro.”