BMO Bank of Montreal is launching BMO SmartSteps, a program specifically designed to help Canadians save more money during a period of increasing financial stress, the bank said Tuesday.

The bank also released a report that shows while an overwhelming number of Canadians polled need immediate help with their day-to-day money management, only one in five believe their bank has been effective in helping them.

A survey conducted for the bank by Harris/Decima revealed the Canadians polled are stressed about the economy and are looking for ways to save more money.

Only one in five respondents believe their bank has been effective in helping them manage their day-to-day money.

As well, only 2% of respondents have learned the most about managing their daily finances from their bank; the majority get most of their information from someone else.

Overall, 79% of respondents said they need immediate help with their day-to-day money management.

Frank Techar, president and CEO, personal and commercial banking, BMO Financial Group, said Canadians have issued “a wake up call” and BMO is determined to play a lead role in meeting the challenge as BMO SmartSteps is introduced to customers.

“It’s essential that banks become more accountable in helping people save and manage their day-to-day finances, and we have made a commitment to act now,” said Techar. “BMO SmartSteps delivers a straightforward approach that can add up to real savings for customers through reduced fees, lower interest costs and less money that goes towards taxes.”

The program provides BMO customers with five banking tips they can do on the spot as part of their visit to a branch:

• enerate automatic monthly savings;
• minimize banking fees;
• take years off of mortgage payments and become debt-free quicker;
• start saving tax-free; and
• automate money transfers to avoid extra fees.

“All it takes to start saving is a 20 minute conversation with one of our experts in a branch,” said Barb Budarick, vice president, BMO Bank of Montreal. “For example, homeowners can save tens of thousands of dollars simply by switching their monthly mortgage payment to bi-weekly payments.”

The Harris/Decima online poll was conducted from May 25 to June 2 and is based on a sample of 1,057 married/common-law Canadians between the ages of 25-40 years, who have a minimum household income of $60,000, and at least share in their household’s financial decisions.

IE