TORONTO, ONTARIO--(Marketwire - July 5, 2012) - As part of BMO Financial Group's ongoing commitment to financial literacy and 'Making Money Make Sense' for Canadians, BMO is releasing a financial tip every week in 2012.
BMO's Financial Tip of the Week: Teach Your Children About Online Financial Safety While you Protect your Personal Finances
In Canada, you can't get a credit card until you reach age of majority in the province in which you live. To protect your own finances and at the same time, prepare your children for the day they get their first credit card - discuss these basic online financial safety tips with them:
Protect your information: Never give out your credit card number (or your PIN) to anyone, including your children. Explain to them the importance of protecting your personal information from identity theft.
Include your child in the process: If you are going to make an online purchase on behalf of your child, walk them through the steps you take in order to ensure that a site is legitimate and that financial transactions are secure.
Check your statements: This monthly review will help you catch any misuse or unexplained purchases. And if your children see you putting a tick mark next to each item on your credit card bill, they'll know you carefully check every item - it will encourage them to do the same when they're older.
According to Alyson Schafer, parenting expert, psychotherapist and contributor of advice on BMO SmartSteps for Parents, "Shopping online is becoming more accessible. Even though children can't have their own credit cards, parents can help their kids make appropriate purchases and teach them about financial safety."
Ms. Schafer will be at the Calgary Stampede's BMO Kids' Zone on July 11 to share some tips and tools with parents on teaching their children about money. She will talk about the best way to introduce allowances, how to keep kids busy over the summer without blowing the budget and teaching kids about "Home Economics".
BMO SmartSteps for Parents is an online, interactive hub designed to help parents educate children on money management. It is a user-friendly gateway to a wealth of expert advice, helpful articles, informative webisodes, expert blogs, and fun games and activities to help give parents and their kids a head start on the road toward making money make sense for the entire family. To learn more about BMO SmartSteps for Parents, visit www.bmo.com/smartparents.
About BMO Financial Group
Established in 1817 as Bank of Montreal, BMO Financial Group is a highly-diversified North American financial services organization. With total assets of $525 billion as at April 30, 2012, and more than 46,000 employees, BMO Financial Group provides a broad range of retail banking, wealth management and investment banking products and solutions.