BMO Bank of Montreal launched 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.
“The speed of information and channels are many and dynamic, and the reality is that children are adapting to new ways of learning,” 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.”
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. Alison Griffiths, leading financial expert, believes this approach is essential to successfully addressing financial fluency with children.
“The earlier you begin teaching children about money, the easier it becomes for them to absorb the lessons as they get older,” said Griffiths. “One method is ‘show, talk and do’ – show them financial transactions from buying groceries to buying clothing; talk to them about making financial decisions, and eventually let them create their own financial world with an allowance, gifts of money and earned money.”**
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Steve Husk, CEO of FRSGlobal, discusses the factors financial institutions are faced with in order to equip themselves against the current regulatory environment.
The adoption of IFRS for Canadian companies is in full swing. As of January 1, 2010, Canadian companies are required to file financial statements under IFRS. Although Canadian GAAP and IFRS are similar, there are three main differences that have posed a challenge for companies: effectiveness testing, hedge accounting eligibility, and fair value measurement. While not an exhaustive list, these issues have posed the greatest challenge for Canadian corporations during the first quarter of 2010. The following paper clarifies some of the differences in hedge accounting between Canadian GAAP and IFRS and shares best practices for hedge accounting to help Canadian corporations navigate through the transition.
With this Spring 2010 Edition of the Phone System Comparison Chart quickly see differences between brands like Avaya, Mitel, Cisco, ShoreTel, 8x8, Panasonic, etc and compare over 94 phone systems by 52 brands for small to big business.