According to the 2011 census, the population of Monet is 495, slightly higher than the 2006 census with a population of 479. Declining population and increasing farm size have been trends for several decades and are typical of many municipalities in the region. The average age of farmers and ranchers has increased as baby boomers enter their sixties. As farmers retire, it is more common for land to be transferred to neighboring operations than for younger farmers to take over.
While ethnic diversity of background exists within the R.M., the population is predominantly of northern European ancestry, descendants of immigrants who came to the area in the early years of the twentieth century. No First Nation lands currently exist within the R.M. One Hutterite colony, the Kyle Hutterian Bretheren, has been established near the southern municipal boundary.