BMO Financial Literacy Poll: Canadians See Room for Improvement for Financial
Institutions, Government, Media and Schools
TORONTO, ONTARIO -- (Marketwire) -- 01/28/13 -- 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
-- 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
Menard, 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
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
Matt Duffin, Toronto
Valerie Doucet, Montreal
Laurie Grant, Vancouver
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