The survey, conducted by Pollara, also revealed:
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- The majority (68 per cent) plan to give mom a gift for Mother’s Day, nearly half will give a card (47 per cent) or flowers (45 per cent), and 38 per cent will take her out to a restaurant
- Residents of Ontario and Alberta are the most likely to open their wallets wide for mom this year ($122 and $120)
- Men plan to spend more than women this Mother’s Day ($119 versus $96)
"It can be easy to lose track of financial priorities during holidays, such as Mother’s Day, so it’s essential that all spending is planned and accounted for in the overall household budget," said Nick Mastromarco, Director, BMO Bank of Montreal. "For those looking to be generous to Mom while managing a tighter budget, consider redeeming rewards points not only for gifts, but also experiences such as a weekend get away or spa treatments."
"But of course, the most important thing is spending time with your parents on Mother’s Day and Father’s Day," added Mr. Mastromarco.
The Parent Trap: Will Canadians Give More to Mom or Dad?
The survey also explored intentions for Father’s Day and revealed that Canadians expect to spend slightly less on Dad – an average of $95. Similar to Mother’s Day, men plan to spend more than women on Dad this year ($110 versus $80). For nearly half (44 per cent) of those opening their wallets for Mom this year, credit cards and cash remain the most preferred method of payment, according to the survey.
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By GlobalDataBMO offers the BMO AIR MILES bank account or BMO AIR MILES World credit card, which allows customers to accelerate rewards earnings and significantly enhance the value of every dollar spent by allowing you to "double dip" – essentially earning rewards twice on the same purchase.
BMO offers budget-smart strategies for Mother’s Day shoppers:
Know and spend within your limits – Avoid interest costs by spending only what you know you can afford to pay back by your statement due date. If you must carry a balance on your credit card, consider using a credit card that offers a low-interest rate option. BMO is unique among the Big Five Banks in offering its cardholders a low-interest rate option for $45 a year plus the ability to earn AIR MILES reward miles or CashBack rewards on their low-interest rate credit card.
Earn extra rewards – Get more out of every dollar you spend by using a credit card with loyalty reward programs. The rewards you earn on Mother’s Day purchases using a BMO World Elite MasterCard or BMO AIR MILES MasterCard can be used later to make travel, vacations, gift-giving and everyday living more affordable.
Use a pre-paid credit card to help keep your spending in check – A pre-paid credit card can be loaded with a pre-determined amount of money, so you’ll only spend what you put on the card and there are no monthly bills or interest charges at the end of the month. The BMO Prepaid Travel MasterCard is accepted everywhere a regular BMO credit card is accepted and carries the added benefits of purchase protection, extended warranties, and zero liability.
