BMO Report

Canadian Millennials are Summer's Smartest Spenders - Seite 2

Nick Mastromarco, Managing Director of Loyalty and Partnerships, BMO Bank of Montreal, notes millennials are on the right track, but could benefit from additional planning.

"Millennials are wise beyond their years when it comes to managing finances, and they have some good habits already in place," said Mr. Mastromarco. "However, while millennials lead in paying off summer spending bills in full as they come up, they still express concerns about spending beyond their means. Speaking to a financial advisor on a seasonal basis can help create a balance between planning and enjoying oneself. It also provides insight to offers that reward customers for their spending."

Summer spending tips for millennials

With student debt, a thirst for travel and being faced with an increasingly pricey real estate market, millennials have a unique financial situation compared to past generations. It's important that they recognize how to maximize incentive programs to offset costs. BMO offers ideas to help reward oneself, including:

- Using BMO's rewards calculator to see how much Cash Back or AIR MILES you could earn in a year. Click here to see where your rewards can take you.

- Consider switching your primary credit card to one with rewards benefits if your current card doesn't offer any.

- Capitalize on limited-time credit card promotions, such as earning 2x the rewards with a BMO CashBack MasterCard (with no annual fee) for the first six months*.

To learn more about BMO's credit card offerings and limited-time summer promotions, visit: http://www.bmo.com/main/personal/credit-cards/bmo-cashback-mastercard

Get 2% cash back with a BMO CashBack MasterCard for the first six months. *Limited time offer. Terms and Conditions apply, visit bmo.com/double for details.

The survey results cited in the Bank of Montreal Summer Spending Report, conducted by Pollara, are compiled from a random online sample of 1,003 Canadians, 18 years of age or older with surveys conducted between May 16th and 19th, 2016. A probability sample of this size would yield results accurate to ± 3.1 percent, 19 times out of 20.

About BMO Financial Group

Established in 1817, BMO Financial Group is a highly diversified financial services provider based in North America. With total assets of $681 billion as of April 30, 2016, and over 45,000 employees, BMO provides a broad range of retail banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, Wealth Management and BMO Capital Markets.

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