News Releases

TORONTO, ONTARIO--(Marketwire - Jan. 28, 2013) - According to the Second Annual BMO Financial Literacy Poll, Canadians have been left wanting for help understanding their personal finances.

The poll, conducted by Pollara, measured how Canadians grade the performance of financial literacy stakeholders for providing financial guidance and advice. It found:

• 34 per cent believe the education system does a good job providing advice about personal finances
• 78 per cent believe financial institutions do a good job providing financial advice
• 38 per cent believe governments do a good job providing financial advice
• 41 per cent believe media does a good job in this area

"The numbers clearly show a need to increase our efforts and improve upon the way major stakeholders, including financial institutions, approach helping Canadians heighten their understanding and overall capabilities in the area of personal finance," said L. Jacques Ménard, Chairman of BMO Nesbitt Burns and Financial Literacy Task Force Vice-Chair. "Financial literacy is critical to the financial well-being of families, as well as the overall economy, and should continue to be a focus for all involved."

For more on financial literacy, please visit BMO's Financial Literacy online resource.

The survey results cited in the poll conducted by Pollara are compiled from a random sample of 1,000 Canadians 18 years of age and over between November 6th and November 8th, 2012. A probability sample of this size would yield results accurate to ± 3.1 per cent, 19 times out of 20.

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 October 31, 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.