TORONTO, ONTARIO — (Marketwire) — 02/17/12 — Ahead of the Family Day long weekend, BMO Bank of Montreal is encouraging Canadian households to sit down as a family and take the opportunity to have the -money talk-. While Family Day is February 20th in Alberta, Saskatchewan and Ontario, all families can use the opportunity to talk about finances.
“Financial literacy is all about Making Money Make Sense, and not only for those managing the household finances, but for their children as well,” said Su McVey, vice-president, BMO Bank of Montreal. “Based on research, we know that only half of parents surveyed have talked with their children about household finances and 37 per cent are not certain their children have a firm grasp on the basics of money management. Parents, along with financial institutions, share the responsibility of bringing the topic of money management into the everyday family dialogue, and Family Day can be a great opportunity to do so.”
Ms. McVey notes that the key is to make it fun, engaging and interactive. BMO SmartSteps for Parents, an online, interactive hub to help parents educate children on money management, is one tool parents can use to address this challenge. The resource is free and available to all Canadians, and aligns with recommendations from the Federal Government task force to improve financial literacy in Canada.
Since children develop an understanding of money in different phases as they mature, BMO SmartSteps for Parents is organized by age and stage, allowing parents to tailor activities and lessons and features:
BMO SmartSteps for Parents is part of BMO-s ongoing commitment to Making Money Make Sense. Since 2009, BMO has introduced various tools to help Canadians stay on top of their personal finances, including BMO SmartSteps, BMO SmartSteps for Business, BMO SmartSteps for Students, BMO SmartSteps for Investing and BMO MoneyLogic.
To learn more about BMO SmartSteps for Parents, visit .
To read BMO-s recommendations to the Task Force on Financial Literacy, visit .
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Contacts:
Media Contacts:
Ralph Marranca, Toronto
(416) 867-3996
Carol Greene, Toronto
(416) 867-3996
Sarah Bensadoun, Montreal
(514) 877-8224
Laurie Grant, Vancouver
(604) 665-7596