Residents of this province score well on a new evaluation of our ability to manage our wealth.
The methodology behind this assessment prepared by BMO Bank of Montreal includes a wide range of measures such as having a will to rainy day fund to a financial plan while weighing assets and debts. The bank says this one is different because it measures more than the amount of money you have.
Then they score the results out of 100 and Saskatchewan came in at 72.9. That was number one in the country.
We scored very well on having a financial plan and reviewing it regularly, for having insurance and an estate plan. We were weak on debt levels – they are higher than the national average – and having a prepared will.
When asked if they were financially prepared to handle a major life event, the vast majority said yes: 70 per cent compared to only nine percent who were not at all confident that they could sustain a life altering event such as getting married, losing a job or retiring.