Press release from Marketwire
Canadian Parents Set to Spend $2,300 To Keep Kids Busy This Summer-BMO Report
- Report reveals parents' spending for entertainment and movies, eating out and impulsive purchases on children - Study also shows differences in spending and savings habits among Canadians with and without kids
Friday, July 12, 2013
Canadian Parents Set to Spend $2,300 To Keep Kids Busy This Summer-BMO Report09:51 EDT Friday, July 12, 2013
TORONTO, ONTARIO--(Marketwired - July 12, 2013) - According to a BMO Bank of Montreal survey released today, parents expect to spend an additional $2,300 on average to keep their kids occupied over the summer months. The report is the third in a summer series showing the spending habits of Canadians and how they plan to make the most of their finances.
The additional spending includes a weekly average of $54 on entertainment - such as movies, sporting events, local festivals - $58 on eating out and $65 on impulsive purchases. In fact, nearly half (46 per cent) of parents said they are more likely to spend money on entertainment for their children in the summer compared to other times of the year.
Overall, Canadians expect to spend an average of $3,978 on non-essential expenses.
"It is easy to lose track of your spending in the summer due to many competing interests for your dollars, so it is an important time to keep track of your spending, especially incidental, unplanned expenditures, no matter how small," said Janet Peddigrew, Vice President, BMO Bank of Montreal. "Tracking your spending can help you keep your larger financial plan in mind."
Other key findings include:
- Ontario ($200) and Quebec ($193) parents plan to have the largest weekly expenses for their kids this summer
- Parents in Atlantic Canada ($113) and the Prairies ($138) will be the most thrifty during the summer months
- Women are more likely (52 per cent) than men (41 per cent) to say they spend more on entertainment for their children in the summertime
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The Economics of Households With and Without Kids
When comparing the spending and savings habits between Canadians with and without children, the survey found that:
- Parents are more likely than non-parents to say they will look for ways to save money and maximize their dollar this summer (83 per cent versus 78 per cent) and set a summertime budget (67 per cent versus 56 per cent)
- Those with children are more likely than those without to shop around for deals more often in the summer season (31 per cent versus 22 per cent) and to seek out free local events (83 per cent versus 71 per cent)
- Parents are nearly twice as likely to utilize rewards more often during the summer than non-parents (28 per cent versus 16 per cent), particularly to offset entertainment/merchandise costs (73 per cent versus 59 per cent)
"There are many ways to stretch your dollars this summer, and it's great to see that Canadian parents are finding ways to save money and maximize their dollar," added Ms. Peddigrew. "Summer is a great time to redeem rewards points for entertainment, merchandise, passes to parks and attractions, as well as for gas and travel."
To help Canadians get the 'BMOst' out of this summer, BMO is offering up to $200 in cash for those who open a chequing and savings account, and 500 bonus AIR MILES reward miles for those who sign up for a no-fee BMO AIR MILES credit card.
The survey results cited in the BMO Summer Spending Report are from online interviews with a random sample of 1,513 Canadians 18 years of age and over, conducted by Pollara between May 23 and May 27, 2013. A probability sample of this size would yield results accurate to ± 2.5 per cent, 19 times out of 20.
About BMO Financial Group
Established in 1817 as Bank of Montreal, BMO Financial Group is a highly diversified North American financial services organization. With total assets of $555 billion as at April 30, 2013, and more than 46,000 employees, BMO Financial Group provides a broad range of personal and commercial banking, wealth management and investment banking products and solutions.
FOR FURTHER INFORMATION PLEASE CONTACT:
Jessica Park, Toronto
Valerie Doucet, Montreal
Laurie Grant, Vancouver