When we tell girls they’re bad with money, they grow up believing it.

It’s time to remove gender bias from our dictionaries.

Sign the petition

 

What impacts financial confidence?
Watch Jane’s story.

31% of women say they are “financially knowledgeable.”2

46% of girls receive a lesson from their parents on credit scores, compared to 61% of boys.3

65% of financial articles aimed at women define them as “excessive spenders.”4

The median size of a 401(k) for women is only 66% of that of men.5

When we tell girls they’re good with money, they grow up believing it.

Join the movement, share Jane’s story.

  • Through our partnership with Plan Canada, we’re giving girls a seat at the table and the opportunity to see themselves as leaders,

    It’s never too early to start building financial confidence. Check out these videos to start talking with your kids about money:

Our commitment

Throughout history, women have shown themselves to be progress-makers – challengers of the status quo, innovators and leaders for the next generation. Despite this progress, 57% of women say they wish they were more confident in their financial decision making.1

At BMO, we’re committed to real financial progress for every woman so they’re prepared to seize every opportunity.

Now, for International Day of the Girl, we’re reaffirming our commitment to the work ahead because girls deserve better.

At S&P 500 companies, women make up just 21% of board members and 27% of executives.7 When women and girls are empowered financially, lives improve, innovation surges and the economy grows stronger.

  • At BMO, we have 40% female representation in senior leadership. That diversity of thought in our workforce leads to innovation, better decision-making and growth.

When there’s equal financial opportunity, everyone wins

Worldwide, men own 50% more wealth than women.8

If women earned the same as men over their lifetime, global wealth for the average person could be

  • With over 3,000 members, the BMO Alliance for Women is a community of employees — of all genders — who champion the inclusion, connection, development, advancement and support of women.

    Learn more about our Enterprise Resource Groups here.

“For our economy to grow and thrive, we need to harness the talent and full potential of every participant, regardless of gender.”

— Joanna Rotenberg, Group Head, BMO Wealth Management

“Building confidence in girls today is the foundation for the women leaders of tomorrow.”

— Mona Malone, Chief HR Officer & Head, People & Culture, BMO Financial Group

Finding new ways to advance real financial progress

Startup investing is imbalanced

Venture capital dollars have poured into startups in recent years. But the median investment for female founders is often half — or even less — of the median that male founders receive.

Median deal sizes in the US:
Female founders vs. male founders10

US$2 Million

for male founders

US$1 Million

for female founders

US$2.4 Million

for male founders

US$1 Million

for female founders

US$2.6 Million

for male founders

US$1.3 Million

for female founders

US$3.2 Million

for male founders

US$1.5 Million

for female founders

US$3.5 Million

for male founders

US$1.9 Million

for female founders

In the financial technology sector, women represent only 12% of founders10.

  • In partnership with 1871, BMO launched WMN•FINtech which is designed to bridge the gender gap and give more women entrepreneurs the opportunity to bring cutting-edge technology and products forward

Business lending is lopsided

Business loans can make or break companies as they get their footing in the market, try to grow or weather tough economic conditions. Women have had limited access to capital, and this has forced them to do more with less.

  • At BMO, we committed $3 billion in capital to 
women-led businesses in Canada. In the United States we are doubling our efforts in small business lending.

Average loan amounts across financial industry in 2018:11

for women-owned companies

for men-owned companies

Boldly grow the good

Progress demands more than wishful thinking. It requires all of us to see the problem clearly and collaborate to solve it. That’s why we’re starting new conversations with our employees, clients and our communities about how we can take steps toward ensuring women feel confident in their financial future.

  • We’re gaining momentum: The number of BMO women-led small business clients has grown by almost 10% since we made our $3 billion commitment in Canada.12

Our Partners

The Bold(h)er podcast
Bold moves. Bolder voices. Listen to the
Bold(h)er podcast.

Sources

  1. Germanno, Maggie. How Women Can Improve Their Financial Optimism Despite Growing Anxieties. Forbes, 2019.
    https://www.forbes.com/sites/maggiegermano/2019/07/29/how-women-can-improve-their-financial-optimism-despite-growing-anxieties/#3cbbfa6f1cf8
  2. Drolet, Marie. Gender differences in the financial knowledge of Canadians. Statistics Canada, 2016.
    https://www150.statcan.gc.ca/n1/pub/75-006-x/2016001/article/14464-eng.htm.
  3. Adolescent Income and Financial Literacy. Giftcards.com, 2018.
    https://www.giftcards.com/adolescent-income-and-financial-literacy.
  4. Boden, Anne. Why we need to #MAKEMONEYEQUAL. Starling Bank, 2018.
    https://www.starlingbank.com/blog/make-money-equal/.
  5. Oakley, Diane; Brown, Jennifer Erin; Saad-Lessler, Joelle; Rhee, Nari. Shortchanged in Retirement: Continuing Challenges to Women’s Financial Future. National Institute on Retirement Security, 2016.
    https://www.nirsonline.org/reports/shortchanged-in-retirement-continuing-challenges-to-womens-financial-future/.
  6. The Global Gender Gap Report 2020. World Economic Forum, 2020.
    https://www.weforum.org/reports/gender-gap-2020-report-100-years-pay-equality.
  1. Catalyst, Pyramid: Women in S&P 500 Companies (January 15, 2020).
    https://www.catalyst.org/research/women-in-sp-500-companies/.
  2. “5 shocking facts about extreme global inequality and how to even it up.” Oxfam International.
    https://www.oxfam.org/en/5-shocking-facts-about-extreme-global-inequality-and-how-even-it.
  3. Wodon, Quentin T.; de la Brière, Bénédicte. 2018. Unrealized Potential: The High Cost of Gender Inequality in Earnings. The Cost of Gender Inequality. Washington, DC: World Bank. © World Bank.
    https://openknowledge.worldbank.org/handle/10986/29865 License: CC BY 3.0 IGO.
  4. Global Fintech Index, 2020. http://www.fintechmundi.com/wp-content/uploads/2019/12/Findexable_Global-Fintech-Rankings-2020.pdf
  5. Q4 2019 PitchBook-NVCA Venture Monitor. PitchBook, 2019.
  6. As Revenue of Women-Owned Businesses Rose, Credit Scores Dropped in 2018. Biz2Credit, 2019.
    https://www.biz2credit.com/research-reports/as-revenue-of-women-owner-businesses-rose-credit-scores-dropped-in-2018.
  7. “BMO’s $3-billion fund for women-owned businesses taps into segment growing faster than any other.” Financial Post, 2019.
    https://business.financialpost.com/entrepreneur/fp-startups/bmos-3-billion-fund-for-women-owned-businesses-taps-into-segment-growing-faster-than-any-other.
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