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Investor Survey Indicates Federal Income Tax Rebates Helped Fuel Economic and Financial Market Recoveries

Investor Survey Indicates Federal Income Tax Rebates Helped Fuel Economic and Financial Market Recoveries
Harrisdirect Investor Survey Finds 61% of Recipients Spent or Invested Rebates

JERSEY CITY, NJ - April 7, 2004 - Investors put their 2002 tax rebates to work, according to a new survey of 1008 investors by direct investing firm Harrisdirect. The enactment of a 10-year $1.35 trillion tax cut package in 2003 sparked speculation and debate among industry experts, divided as to whether the rebates would provide the desired stimulus for a struggling economy and weak financial markets.

At the core of the debate was whether the majority of individuals would spend, invest or merely save 2002 tax rebates - would the money be pumped back into the economy helping to spur recovery, or simply gathered and saved to brace for continued weakness? Survey findings indicate 61% of individuals who received a rebate spent or invested the money they received. 40% of respondents put the rebate in savings. Survey participants were permitted to provide more than one response to the question.

As a result, Harris experts believe the rebates and subsequent spending and investment provided the intended stimulus in helping fuel economic and financial market recoveries of the past 12 months.

How Tax Rebate Was Spent
“How did you spend your Federal Income tax rebate?”
(Base: 1008)

Deposited in Savings 40%
Spent on a Necessity 29%
Invested 22%
Spent on a Luxury Item 7%
Not Sure 8%

Among all investors surveyed, 77% received a rebate while 23% indicated they did not.

Harrisdirect commissioned Harris Interactive (no affiliation) to conduct the Harrisdirect Investor Survey in order to examine investor behavior during the bull market of the late 1990s, through the downturn beginning in 2000 and now as markets have recovered over the past 12 months.

Methodolo gy:
A random sample of 1008 U.S. adults, 31-65 from Harris Interactive’s online panel were screened to identify investors who have investable assets of at least $100,000 including assets held in retirement accounts, not to be day traders, half of whom invest online and half who do not. The results have a margin of error of plus/minus 3 percent at the 95 percent confidence level.

About Harrisdirect:
Harrisdirect is a part of The Harris wealth management group and is a leading provider of direct investing services to informed investors with long-term financial goals. For more than a century, the Harris organization has built its reputation on trust, experience and the highest level of personal service. Today The Harris delivers a full suite of brokerage, private banking, trust and investment and wealth advisory services through professionals dedicated to assisting individuals and families in managing their financial futures. The Harris represents the U.S. wealth management businesses of BMO Financial Group (NYSE, TSX: BMO). For more information, please visit or

Harris is a trademark used by various financial service providers in the BMO Financial Group, a marketing name used by Bank of Montreal. Banking products and services are provided by Harris N.A. and The Harris Bank N.A. Members FDIC. Insurance and annuities are offered through Harris Bancorp Insurance Services, Inc (HBIS). Securities are provided by Harris Nesbitt Corp (HNC), a registered broker dealer, member NYSE, FINRA and SIPC and Harrisdirect LLC, a registered broker dealer, member FINRA and SIPC. HBIS, HNC and Harrisdirect are wholly owned subsidiaries of Harris Financial Corp. Products offered by HBIS, HNC and Harrisdirect are Not Insured by the FDIC or any Federal Government Agency, Not a Deposit of or Guaranteed by Any Bank or Bank Affiliate, May Lose Value. The purchase of insurance or an annuity is not a condition on any bank loan or service. Financial planning and investment advisory services are provided by Sullivan, Bruyette, Speros & Blayney, Inc., an SEC registered investment advisor. Family office services are provided by Harris myCFO, Inc. Investment advisory services are also offered by Harris myCFO Investment Advisory Services LLC, an SEC registered investment advisor and a wholly-owned subsidiary of Harris myCFO, Inc. Not all products and services are offered in every state and/or location.

Media Relations
Amy Yuhn, Harrisdirect, (312)461-2478