BMO Financial Literacy Poll: 96 Per Cent of Canadians Believe Teaching Kids About Money Matters is Key to a Healthier Economy

BMO Financial Literacy Poll: 96 Per Cent of Canadians Believe Teaching Kids 
About Money Matters is Key to a Healthier Economy 
- Virtually all Canadians agree it is important to develop good
financial habits at a young age 
- The vast majority feel more should be done to teach kids about
finances in school 
- Only 18 per cent of parents spend a lot of time discussing money
management with their kids 
- Inaugural "Talk With Our Kids About Money Day" takes place April 17 
TORONTO, ONTARIO -- (Marketwired) -- 04/16/13 -- BMO Financial Group
today released its latest Financial Literacy Study. The report comes
in advance of the first annual "Talk With Our Kids About Money Day" -
taking place April 17 - and finds that the overwhelming majority of
Canadians recognize the important role financial literacy can play in
helping bring about national prosperity. 
The study revealed: 


 
--  The vast majority of Canadians (99 per cent) agree it is important to
    develop good financial habits early in life 
--  Ninety-six per cent of Canadians agree that teaching financial literacy
    will contribute to personal and household financial stability and help
    the Canadian economy 
--  Nearly half of Canadians (43 per cent) believe that children under nine
    years o
ld should have a basic understanding of finances, while 79 per
    cent believe pre-teens should have a solid grounding on personal finance
    matters

 
"The survey results clearly indicate that Canadians put a premium on
getting to our kids early to teach them the basics of personal
finance and that we, as a society, need to place more of an emphasis
on this," said L. Jacques Menard, Chairman of BMO Nesbitt Burns and
Federal Financial Literacy Task Force Vice-Chair. "Ensuring Canadians
are armed with the knowledge and resources to become financially
literate is key to the financial well-being of families, as well as
the overall economy. This needs to continue to be a focus for all
involved."   
Having the "Money Talk" 
The report also showed that, while the vast majority of Canadians
recognize the importance of developing good financial habits early in
life, the majority of parents are not spending significant time
talking with their children about money and financial matters: 


 
--  Only 18 per cent of parents spend a lot of time discussing money and
    financial matters with their kids 
--  Comparatively, parents spend significantly more time talking to their
    children about school (62 per cent), their hobbies (50 per cent), their
    friends (47 per cent) and their future (37 per cent) than about
    financial matters

 
Furthermore, the study revealed that nearly all parents polled (96
per cent) believe that schools need to do more to teach children and
teenagers about finances. In addition, three-in-ten (31 per cent)
rank financial literacy as one of the top three most important
subjects to teach children in school, comparable to social sciences
and humanities (32 per cent), and ahead of physical education (20 per
cent) and the arts (8 per cent). 
CFEE and BMO Launch First Annual Talk With Our Kids About Money Day 
To help address this issue, the Canadian Foundation for Economic
Education (CFEE) has launched a new program geared at assisting young
Canadians in learning more about money and personal finances. Talk
With Our Kids About Money Day, supported by BMO and taking place on
April 17, encourages families to have more financial conversations at
home by offering online resources and tools, and also includes a
school-based component for teachers and students. 
"It's essential to make time to talk to kids about basic financial
matters and teach them money management skills at an early age," said
Gary Rabbior, President, CFEE. "An overwhelming majority of Canadian
parents would like schools to increase their efforts around financial
education, which is why the new Talk With Our Kids About Money Day
program is the ideal tool to facilitate this discussion." 
Mr. Rabbior continued: "While kids today have access to a vast amount
of online information and resources, it's essential that parents and
teachers act as a guide, especially regarding finances," said Mr.
Rabbior. "This program offers both home and school resources designed
to break down barriers to encourage conversations with children about
financial matters." 
The first annual Talk With Our Kids About Money Day will take place
on April 17, 2013 in schools throughout the Greater Toronto Area and
Montreal. The program's material is designed to support provincial
governments' desire to integrate financial education into the
curriculum and can be used by teachers throughout the school year. 
Families and teachers interested in the program are encouraged to
visit www.talkwithourkidsaboutmoney.com.  
The online survey was conducted by Pollara between March 11 and 12,
2013, with a sample of 1,000 Canadians 18 years of age and over. A
probability sample of this size would produce results accurate to +/-
3.1 per cent, 19 times out of 20.  
About CFEE:  
CFEE is a federally chartered, non-profit, non-partisan organization,
founded in 1974, that works to improve economic and financial
literacy and enterprising capability. CFEE works collaboratively with
ministries and departments of education along with school boards,
schools, educators, and teacher associations. CFEE also engages in
activities to support and assist newcomers and past immigrants to
Canada, and the general public including print resources, videos,
w
orkshops, and online resources. Overall, CFEE aspires to help
Canadians of all ages be better prepared to undertake their economic
roles, responsibilities, and decisions with confidence and
competence. 
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 $542 billion as at January 31, 2013, and more
than 46,000 employees, BMO Financial Group provides a broad range of
personal and commercial banking, wealth management and investment
banking products and solutions.
Contacts:
Media Contacts:
Matt Duffin, Toronto
(416) 867-3996
matthew.duffin@bmo.com 
Ron Monet, Montreal
(514) 877-8224
ronald.monet@bmo.com 
Laurie Grant, Vancouver
(604) 665-7596
laurie.grant@bmo.com 
Internet: www.bmo.com
Twitter: @BMOmedia
 
 
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