In a poll conducted for BMO Bank of Montreal, many Canadians expressed regret and shame at their lack of financial self-control, and their inclination to overspend and make impulse purchases.

The survey of more than 1000 adults conducted by Pollara found that 38% of the respondents had developed poor spending and savings habits that negatively affect their finances; 36% said they regret past financial decisions, 17% have felt ashamed or embarrassed by their money situation, and 13% have avoided looking at financial statements or bills. Asked what they could do to improve matters, 27% said they did not even know where to begin.

BMO notes that 37% of those who expressed regret said it was because they spent beyond their means, followed by 34% who regret not using more self-control, and 20% who regret making purchases that prevented them from putting funds toward savings and debt.

"Without healthy routines it's easy for people to develop a negative relationship with their financial situation, but that doesn't mean there aren't ways to change things for the better," comments Christine Canning, Head of Everyday Banking at BMO Bank of Montreal. "Start by taking small, deliberate steps to reverse bad spending or savings habits to begin building positive momentum. Then, put strategies in place to help you stick to the program."

However, not everyone is inclined to change their bad habits. Although 88% of the survey participants said they would like to improve their financial situation, 31% indicated that they were not willing to give up the things they enjoy in order to do so.