BMO branch opening on the main floor of Gateway Newcomer Welcome Centre in 2022

November is Financial Literacy Month in Canada.

Since 2010, the Financial Consumer Agency of Canada (FCAC) has led campaigns in November each year to strengthen Canadians' financial literacy and resilience. This year marks the 14th edition of Financial Literacy Month; the theme is “Money on your Mind. Talk about it!”

Immigrant Services Calgary (ISC) chatted with representatives from BMO (Bank of Montreal) to discuss financial literacy, especially for newcomers, and how the bank supports them to financially succeed in Canada.

ISC: What is financial literacy?

BMO: It is the ability to understand and manage personal finances effectively. This includes making informed decisions about earnings, savings, investing and spending money. It encompasses various skills and knowledge.

ISC: Why is it important for newcomers and their families to learn about financial literacy?

BMO: Financial literacy is required to navigate Canada’s financial system, which is usually different from what newcomers have in their countries of origin. For example, the credit system in Canada, taxes, and registered savings accounts might be new to them.

If they want to establish a good credit score, invest, or plan, they will need to learn how to achieve this in Canada. In addition, financial knowledge is important to avoid being victims of scams or fraud.

ISC: What is BMO doing to promote financial literacy?

BMO: We collaborate with community organizations, government agencies, and non-profit organizations, like Immigrant Services Calgary, to amplify our efforts and reach a broader audience. We offer in-person and online workshops for different age groups, including children, teenagers, and adults.

In our branches across Canada, we display easy-to-understand infographics, videos, and brochures.

In addition to these, we offer free online resources through our financial education platform, Smart Progress. This platform offers interactive learning modules on various financial topics and is accessible to all Canadians.

ISC: What are the trends with immigrants adapting to Canada’s financial system?

BMO: Newcomers often struggle with how the Canadian banking and credit system works, making it difficult for them to manage their finances effectively. Multiple factors can contribute to this, the most common being cultural and language barriers. These barriers can hinder immigrants’ ability to navigate and understand the financial system.

At BMO, we recognize the diversity of our customer base and Canada’s population. Therefore, we offer support in multiple languages, including Mandarin, Cantonese, Arabic, Punjabi, and many more.

BMO selected as one of the finalists for the Immigrants of Distinction Awards in 2023

ISC: Does BMO have specific programs or services that promote Diversity, Equity, and Inclusion?

BMO: Yes, we do. In fact, BMO offers quite a number of services and programs that promote Diversity, Equity and Inclusion.

For instance, BMO has inclusive hiring practices to attract and retain diverse talents from diverse groups. We also train employees to recognize and overcome unconscious biases.

Also, BMO’s zero barriers to inclusion remove systemic barriers for underrepresented customers, employees, and communities and drive inclusion and equitable growth for everyone.

You can visit the BMO website to learn more about this.

ISC: Why does BMO support organizations like Immigrant Services Calgary, which provides free services to immigrants and refugees?

BMO: We believe in the importance of fostering inclusive communities. Through this partnership, BMO contributes to the economic and social well-being of immigrants and refugees, ultimately strengthening our communities.

ISC: Has the partnership between BMO and Immigrant Services Calgary made a difference in the community?

BMO: The partnership between BMO and Immigrant Services Calgary has significantly impacted the community. Through this collaboration, we have provided newcomers with access to essential resources, including financial literacy programs, mentorship opportunities, and tailored banking services. This support has helped numerous immigrants and refugees achieve financial independence and integrate more smoothly into Canadian society, resulting in stronger and more resilient communities.

In the last year, BMO has collaborated with Immigrant Services Calgary to organize eight financial literacy sessions, including one in Ukrainian. Also, BMO has participated in two in-person job fairs with the Calgary Newcomers Collaborative (a partnership of four immigrant-serving agencies in Calgary), which had over 700 people in attendance.

BMO staff at the job fair hosted by the Calgary Newcomers Collaborative in 2023

BMO is a Maple Leaf sponsor of the 2024 Immigrants of Distinction Awards and is also supporting the Community Service Awards category.

Thank you, BMO, for your support of ISC!

Have you purchased your tickets for the 2024 IDA? The event will take place on Thursday, November 7, 2024 at the BMO Centre at Stampede Park.