Supporting Financial Literacy

One morning every third week, Lee Kors, Branch Manager at BMO Bank of Montreal in Waterloo, Ontario, takes time from her busy schedule to teach the rudiments of financial literacy to new Canadians. A volunteer with New Canadian Program (NCP), Kors enlightens her students about subjects such as Canada's banking system, how to build a good credit rating and education savings plans. Involvement in NCP is but one way Kors gives back to her community. She also volunteers on the board of a local hospital and volunteers with the Optimist Club of Waterloo Region. "It's very rewarding to be involved with our community," she says.

Financial Literacy

At BMO, we believe that entrepreneurship can not only be learned but also encouraged. That’s why we continue to be the official sponsor of The Learning Partnership’s Entrepreneurial Adventure (EA) program. An experiential learning opportunity that turns ideas into reality, EA brings students and teachers from kindergarten to grade 12 together with business partners to create ventures that benefit their local communities. Each year, BMO employees participate as business partners for this innovative program.

In addition, BMO employees from across Canada volunteer their time to participate in YourMoney, a program relaunched this year by the Canadian Bankers Association and the Financial Consumer Agency of Canada. This program delivers non-commercial classroom seminars on the financial information that matters to young people, including budgeting, saving and investing, credit and borrowing and keeping money safe. Our involvement helps ensure that young customers – wherever they choose to bank – have the knowledge they need to manage their money.

Harris is committed to being a trusted corporate partner and advancing financial literacy. Each April, we participate in Money Smart Week, an education campaign managed by the Federal Deposit Insurance Corporation. The campaign helps individuals outside the financial mainstream develop financial skills and positive banking relationships. Last year, Harris offered 20 workshops for first-time homebuyers.

National Task Force on Financial Literacy

On June 25, 2009, the Honourable Jim Flaherty, minister of finance, announced the establishment of Canada’s Task Force on Financial Literacy.

The task force fulfills a commitment made in Canada’s Economic Action Plan to outline objectives, including a concrete plan of action and a framework for collaboration among stakeholders, for moving forward and measuring progress on financial literacy in Canada. Members of the task force are drawn from the business and education sectors, community organizations and academia. The task force will be chaired by Donald A. Stewart, chief executive officer of Sun Life Financial Inc.

L. Jacques Ménard, chairman of BMO Nesbitt Burns, will be the vice-chair.

View press release from BMO.

For more information on Canada's Task Force on Financial Literacy, please visit:
www.financialliteracyinCanada.com.