Why is it important to promote women’s financial literacy and agency?
Women typically are an underserved market in the financial services industry. Yet they will be solely responsible for their own finances at some point in their lives. My family’s experience with the loss of my father is just an example, my mother did not have any idea where to even start with our family’s finances after my father’s death at age 54.
What are my tips for keeping financial revolutions going throughout the year?
It starts with a financial plan and setting achievable goals. That is why it is so important to work with a Financial Advisor. The conversations we have with our clients are focused on short-term goals to long term goals and if a budget is needed then we help plan one out for you. We want to help you establish a healthy relationship with money.
How can men or other family members help support the women in their lives to become financially literate?
The men in our lives are so important to the movement of making sure that the women in
your lives are
aware of the
family’s finances.
My father was
an amazing
father, but we
had more of a
traditional
household,
where my mom
was with her
children and my
father was the
breadwinner.
He did a good
job in providing
some education
around personal
finances, but he
put my mom on
a pedestal and
when he passed,
she did not even
know the
password to pay
our mortgage.
So, in my opinion, men push the important women in your lives to know about the basic things, and insist that they join you for meetings, show them where the accounts are, and what to do in case something happens.
What support does BMO provide in the Women & Wealth initiative?
BMO Women & Wealth is a team of dedicated professionals who have all chosen to focus on helping women achieve financial success in all stages of life. BMO’s a great representation of this internally, with 40% of female representation in senior leadership and 50% female directors on our board.