RFP News

Published on Mar 04, 2011

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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