BMO launches free financial literacy e-book

• BMO’s Financial Literacy eBook, in partnership with United Way Worldwide, is a digital repository to help consumers make real financial progress and bridge the information gap among Americans.

• The resource provides expert financial advice on budgeting, debt management, digital banking, home ownership, and more.

• Majority of United Way Clients Say They Would Find Additional Financial Literacy Tips Helpful in Joint Survey

CHICAGO, December 6, 2022 /PRNewswire/ – BMO today announced the launch of a financial literacy e-book in partnership with United Way Worldwide to help bridge the financial literacy gap among Americans. The free digital resource tackles key financial topics with advice to help people make real financial progress, including budgeting, debt and credit management, digital banking, home ownership, loans and retirement planning. The BMO eBook will be provided to United Way customers in all 50 states, available to everyone online, and delivered to every BMO branch in the United States.

Over the past two years, BMO and United Way have worked together to find ways to improve communication with consumers and ensure that financial information and advice is provided in an easy-to-digest format. The partnership included a joint survey that revealed an overwhelming number of United Way clients expressed interest in additional financial literacy help.

“Financial literacy and real financial progress go hand in hand,” said Dalila Rouri, Florida market leader, US Personal and Commercial Banking at BMO. “Our partnership with United Way continues to be invaluable in reaching consumers in all of BMO’s retail banking markets in the Midwest, Florida and Arizona, and addresses the disparity between those who thrive financially and those who struggle due to systemic barriers. Through BMO’s Financial Literacy eBook, we’re building good by ensuring everyone has access to essential knowledge to manage their money and create pathways to financial success. »

A recent BMO Real Financial Progress Index poll found that financial confidence is down, with only 39% of Americans saying they feel more financially secure than they did a year ago, down 11 points since last year. ‘last year. Additionally, 54% of Americans reported making financial progress — down 8 points from a year ago — and 25% do not track financial progress at all. Moreover, a study conducted by Annuity.org revealed that Americans owe more than $800 billion credit card debt from 2022, highlighting the need for financial literacy resources.

“United Way brings people together to create innovative solutions to community challenges,” said Alice Archabal, executive vice president of development for United Way. “Our mission to support financial stability and economic mobility for all aligns with BMO’s commitment to financial literacy and inclusion. The Financial Literacy e-Book is a useful tool to deepen understanding of managing personal finances, especially in times of economic uncertainty.

The BMO Financial Literacy eBook aligns with BMO’s Zero Barriers to Inclusion 2025 commitment, a multi-year strategy focused on fairness, equality and inclusion inside and outside of the bank. The digital resource is also an example of BMO’s digital-first strategy, focused on creating a future-ready digital bank that drives progress for its customers, unleashes the power of its people and ensures loyalty, growth and efficiency.

BMO’s Financial Literacy eBook is available here.

BMO’s North American partnership with United Way

BMO is a long-time partner of United Way in the United States and Canada. In 2021, the bank announced the largest US donation to United Way of Metro Chicago’s Neighborhood Network, which focused on the Austin neighborhood to help execute their community revitalization plan and to support programs, social services infrastructure and capital improvements. Additionally, in recent years, BMO has donated $4 million to neighborhood programs in Milwaukee which United Way has benefited from to help support communities in need.

In TorontoBMO is a long-time partner of United Way Greater Toronto for its Building Strong Neighborhoods initiatives to overcome challenges related to inclusive economic opportunities. BMO is a founding partner of the Inclusive Local Economic Opportunity initiative, an innovative effort led by BMO and United Way Greater Toronto that brings together business and community leaders to work together to reduce economic disparities. In 2021, BMO donated $1 million United Way of Greater Montrealmember of United Way Centraide Canada, to provide the organization and all social, philanthropic and institutional actors with decision support tools and shared data to better fight against poverty and social exclusion.

United Way is an important strategic partner of BMO. In 2021, BMO provided nearly $7 million in community support to 80 United Way organizations in North America. Additionally, last year, BMO’s Employee Giving campaign raised a record $27 million for more than 9,000 different charities around the world. Canada and United States. This included $10.5 million to its strategic partner, United Way, for the work they do to build the resilience of communities and the small organizations that support them and help them continue to thrive.

About BMO Financial Group

Serving customers for 200 years and counting, BMO is a highly diversified financial services provider – the 8th largest bank, by assets, in North America. With total assets of $1.14 trillion as of October 31, 2022 and a diverse and highly engaged team of employees, BMO offers a wide range of personal and commercial banking, wealth management and investment banking products and services. investment to more than 12 million customers and leads through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.

About United Way

United Way brings people together to build strong communities where everyone thrives. As one of the largest privately funded charities in the world, we serve 95% of US communities and 37 countries and territories; our humanitarian aid supports 48 million people each year. Through United Way, communities take on tough challenges and work with private, public and nonprofit partners to boost education, economic solutions and health resources. United Way is the mission of choice for 1.5 million volunteers, 6.8 million donors and 45,000 corporate partners in more than 1,100 communities around the world during our second century of service.

Media contact
Lucas SeillerUS Personal and Business Banking
Lucas.seiler@bmo.com; 312-340-8576

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SOURCE BMO Financial Group