- 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, homeownership and more
- Majority of United Way clients said they would find additional financial literacy guidance helpful following joint survey
CHICAGO, Dec. 6, 2022 /CNW/ - BMO today announced the launch of a Financial Literacy eBook in partnership with United Way Worldwide to help bridge the financial literacy gap among Americans. The free, digital resource addresses key financial topics with tips to help people make real financial progress, including budgeting, debt and credit management, digital banking, homeownership, loans, and retirement planning. BMO's eBook will be provided to United Way clients in all 50 states, available to anyone online, and delivered to each BMO branch in the U.S.
For the last two years, BMO and United Way have collaborated to identify ways to enhance communication with consumers and ensure financial information and guidance is provided in an easy-to-digest format. Included in the partnership was a joint survey that found 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, U.S. Personal and Business Banking at BMO. "Our partnership with United Way continues to be invaluable to reaching consumers across all of BMO's retail banking markets in the Midwest, Florida and Arizona, and addresses the disparity between those who are flourishing financially and those who are struggling as a result of systemic barriers. Through the BMO Financial Literacy eBook, we are growing the good by ensuring anyone has access to crucial knowledge to manage money and create paths to financial success."
A recent BMO Real Financial Progress Index survey found that financial confidence is declining with only 39 percent of Americans stating they feel more financially secure than they were a year ago – down 11 points since last year. What's more, 54 percent of Americans said they are making financial progress – down 8 points from last year – and 25 percent do not track financial progress at all. Separately, a study conducted by Annuity.org revealed Americans owe more than $800 billion in credit card debt as of 2022, underscoring 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 dedication to financial education and inclusion. The Financial Literacy eBook is a useful tool for deepening understanding of managing personal finances, especially during a time of economic uncertainty."
The BMO Financial Literacy eBook is aligned with BMO's Zero Barriers to Inclusion 2025 commitment, a multi-year strategy focused on equity, equality and inclusion in and outside the bank. The digital resource is also an example of BMO's digital-first strategy, focused on building a digitally enabled, future-ready bank that drives progress for its customers, unlocks the power of its people and delivers loyalty, growth, and efficiency.
BMO's Financial Literacy eBook may be accessed here.
BMO is a long-time partner of United Way in the U.S. and Canada. In 2021, the bank announced the largest U.S. donation to United Way of Metro Chicago's Neighborhood Network, which concentrated on the Austin neighborhood to help execute their community revitalization plan and to support programs, social service infrastructure and capital improvement. Additionally in recent years, BMO donated $4 million to neighborhood programs in Milwaukee to which United Way benefited to help support communities in need.
In Toronto, BMO has long partnered with United Way Greater Toronto on its Building Strong Neighborhoods initiatives to overcome challenges to inclusive economic opportunity. BMO is a founding partner of the Inclusive Local Economic Opportunity initiative, a ground-breaking effort spearheaded by BMO and United Way Greater Toronto that brings together business and community leaders to work together in reducing economic disparity. In 2021, BMO donated $1 million Centraide of Greater Montreal, a member of United Way Centraide Canada, to equip the organization and all social, philanthropic, and institutional stakeholders with decision support tools and shared data to better fight poverty and social exclusion.
The United Way is an important strategic partner of BMO. In 2021, BMO provided nearly $7 million in community support to 80 United Way organizations across North America. Additionally last year, BMO's Employee Giving campaign raised a record $27 million for more than 9,000 different charities across Canada and the United States. That included $10.5 million to its strategic partner, United Way, for the work they do to strengthen the resilience of communities and the small agencies that support and help them continue to thrive.
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 team of diverse and highly engaged employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.
United Way brings people together to build strong communities where everyone thrives. As one of the world's largest privately funded charities, we serve 95% of U.S. communities and 37 countries and territories; our humanitarian aid supports 48 million people every year. Through United Way, communities tackle 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 worldwide in our second century of service.
Lucas Seiler, U.S. Personal and Business Banking
SOURCE BMO Financial Group