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BMO Bank of Montreal

BMO Bank of Montreal

September 27, 2010 10:22 ET

BMO Applauds Latest Efforts of the Task Force on Financial Literacy

TORONTO, ONTARIO--(Marketwire - Sept. 27, 2010) - BMO Financial Group congratulates the efforts of the Task Force on Financial Literacy and recognizes the significance of the findings of its summary report following public consultations, released on September 22.

Earlier in 2010, BMO submitted a set of recommendations as to how the Task Force could build a national strategy to ensure Canadians would have the ability to make informed financial decisions and improve their overall financial stability. 

The recommendations included:

  • building greater collaboration between the federal government and provincial education ministries to establish guidelines or standards for financial literacy outcomes that can be used as a common framework to inform curriculum development
  • ongoing, consistent assessment of learning impact at common grade levels across all regions
  • setting a target level for financial literacy, such as establishing an index, and then measuring it against the index annually through public opinion research 

"BMO strongly supports the efforts put forth by the Task Force; the large number of opinions expressed during the consultations show the general public feels the same way," said Lynne Kilpatrick, Senior Vice-President, Personal Banking, BMO Bank of Montreal. "We are eagerly anticipating the Task Force's recommendations and will continue to do our part by providing clarity and advice to our many customers across Canada."

BMO, a leading provider of financial services in Canada, has been taking its own steps to bring financial clarity to Canadians through various tools and services, including BMO SmartSteps, a program specifically designed to help Canadians save more money.

Since the program's official launch in June 2009, BMO SmartSteps has evolved to include SmartSteps for Business, which provides tips and advice for business owners to boost productivity, and most recently, SmartSteps for Students, which offers quick and easy ways for students develop responsible spending, saving and borrowing practices.

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