News Releases

TORONTO, ONTARIO--(Marketwire - Feb. 17, 2012) - Ahead of the Family Day long weekend, BMO Bank of Montreal is encouraging Canadian households to sit down as a family and take the opportunity to have the 'money talk'. While Family Day is February 20^th in Alberta, Saskatchewan and Ontario, all families can use the opportunity to talk about finances.

"Financial literacy is all about Making Money Make Sense, and not only for those managing the household finances, but for their children as well," said Su McVey, vice-president, BMO Bank of Montreal. "Based on research, we know that only half of parents surveyed 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. Parents, along with financial institutions, share the responsibility of bringing the topic of money management into the everyday family dialogue, and Family Day can be a great opportunity to do so."

Ms. McVey notes that the key is to make it fun, engaging and interactive. BMO SmartSteps for Parents, an online, interactive hub to help parents educate children on money management, is one tool parents can use to address this challenge. 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.

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 and features:

• 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 financial expert Alison Griffiths and parenting expert and best-selling author Alyson Schafer.
• 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.

Web: www.bmo.com

Twitter: @BMOmedia