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BMO Bank of Montreal

October 31, 2011 16:57 ET

November is a Great Time to Take BMO SmartSteps for Parents for a Test Drive

BMO Salutes Finance Minister Jim Flaherty for Designating November as Financial Literacy Month

TORONTO, ONTARIO--(Marketwire - Oct. 31, 2011) - On the eve of Financial Literacy Month, BMO Bank of Montreal is encouraging Canadians to try BMO SmartSteps for Parents, an online, interactive hub to help parents educate children on money management. 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.

A BMO survey, conducted by Leger Marketing, reveals only half of parents surveyed (54 per cent) 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. 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.

"Financial Literacy Month is all about Making Money Make Sense," said Su McVey, vice-president, BMO Bank of Montreal. "Parents, along with financial institutions, share the responsibility of bringing the topic of money management into the everyday family dialogue, but you have to make it fun and engaging. BMO SmartSteps for Parents is designed to address this challenge."

BMO SmartSteps for Parents offers saving and spending lessons, and practical and simple tools, including:

- Age & Stage Sections: Articles, interactive tools and games address key money issues for separate age groups ranging from ages 5 to 15.

- Expert Blogs: Parents can ask questions and voice concerns and receive feedback and solutions from experts, including Griffiths and Schafer and other parents.

- The Zone: Kids, tweens and teens can tap into age-appropriate activities including online games that help younger children to recognize money and older children to identify "needs" versus "wants."

- Web Series: Parents discuss how they are teaching savings, spending and budgeting to their children. In addition, BMO experts provide real life tips and advice that can easily be applied at home.

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 www.bmo.com/smartparents.

To read BMO's recommendations to the Task Force on Financial Literacy, visit http://www.financialliteracyincanada.com/documents/consultation/BMO%20Financial%20Group_April%2030.pdf.

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