TORONTO, ONTARIO — (Marketwire) — 08/30/11 — Canadians are spending more of their disposable income on leisure activities this summer compared to last summer, according to BMO Bank of Montreal-s annual Summer Spending survey. The poll also revealed where consumers are choosing to spend their extra funds in the summer of 2011, with going out for dinner topping the list, followed closely by a trip out for lunch.
The annual survey, which asks where and how disposable income is spent in Canada, provides a year-to-year comparison on spending habits. The top daily items on which Canadians are choosing to spend their money on are:
“With volatile market conditions and continued economic uncertainty, now is a good time for Canadians to review their daily spending habits and – if necessary – revise their budgets,” according to Su McVey, VP, Customer Communications & Marketing, BMO Bank of Montreal.
“Our recent -Rainy Day Survey- found that more than 40 per cent told us that even under stable market conditions, they did not have sufficient savings to handle their financial obligations in the event of an emergency,” said Ms. McVey. “Learning to put aside savings and build a financial cushion to fall back on can be easy if you pay attention to where you are spending your money and address what is – and isn-t – essential. This can make all the difference to putting those extra few dollars back in your pocket.”
Ms. McVey added that Canadians should make use of the many vehicles available to help identify daily spending habits and keep on track to meeting budget goals. For instance, BMO offers BMO MoneyLogic, a free, online tool designed to give users immediate insights into their spending and savings habits and help them take better control of their spending.
To help Canadians curb their spending heading into the Fall, BMO offers the following top five money saving tips:
For more information on budgeting and BMO MoneyLogic visit: .
Contacts:
Media Contacts:
Rachael Mckay, Toronto
416-867-3996
Sarah Bensadoun, Montreal
514-877-8224
Laurie Grant, Vancouver
604-665-7596