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Confidence Crisis: BMO and FCB Championing Women to Take Control of Their Financial Lives

Press Release - Toronto/Chicago, 06 March 2020

International Women’s Day Campaign Celebrates BMO’s Commitment to Women’s Financial Empowerment

Toronto/Chicago, March 6, 2020 – BMO is taking a public stand to promote women’s financial empowerment this International Women’s Day. The new campaign from FCB Canada sheds light on stereotypes and terms like “gold digger” and “trophy wife” that, over time, can erode a woman’s financial confidence. This initiative raises awareness of this unconscious societal issue and the lifelong consequences of telling women that they are bad with money. 

The language that society, the media and even families use to talk to girls and women about money can lead to a loss of financial confidence and ultimately worsen financial inequality. Only 31 per cent1 of women believe that they are “financially knowledgeable,” and the median retirement savings for women is just two-thirds that of men. 

“Despite the strides that have been made in gender equality overall, data continues to show that women feel less confident in their financial futures, and we are all a part of changing that conversation” said Catherine Roche, Chief Marketing Officer & Head, Social Impact, BMO Financial Group. “At BMO, we recognize the power of women and their contributions to the economy and believe that real financial progress — for everyone — starts with feeling empowered.”

Told through the eyes of a woman named Jane, the campaign consists of a series of vignettes that depict Jane in various stereotypical scenes showcasing how women are often treated as if they are bad with money. The ending shows Jane trying to understand and manage her finances after her husband’s death and feeling overwhelmed, reinforcing that when society tells girls they are bad with money, they grow up believing it. https://youtu.be/R3seOG5bH5g

“While many banks talk about the gender disparities in the finance industry, they rarely address the bias that causes this inequality,” said FCB Canada Co-Chief Creative Officer Nancy Crimi-Lamanna. “We’re proud to be creative partners with BMO to take a stand to promote financial confidence for women.”

BMO is a longtime supporter of the advancement of women: 

  • In 2018, BMO announced its commitment to advancing $3 billion in capital to women-owned businesses across Canada. Since making this commitment, BMO’s women-led small business clients have grown by almost 10 per cent. 
  • In 2019, BMO became the first bank in Canada to sign the UN Women’s Empowerment Principles – which offer guidance on how to promote gender equality and women’s empowerment in the workplace, marketplace and community. 
  • BMO Celebrating Women has recognized 170 women in communities across North America for their achievements in business growth and philanthropy and community involvement.   
  • Women make up over 41 per cent of BMO’s senior leadership positions in North America.

Directed by Academy Award®-nominated documentary film director Hubert Davis, “Jane” will run in Canada and the U.S. with paid digital media focused in Toronto and Chicago. To learn more about the campaign and to help share Jane’s story, please visit https://bmoforwomen.bmo.com/ourcommitment/.

 

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About BMO Financial Group 

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 $880 billion as of January 31, 2020, 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.

 

About FCB Canada

FCB (Foote, Cone & Belding) is a global, fully integrated marketing communications company with a heritage of creativity and success dating from 1873. Based on a deeply developed understanding of diversified local markets and global cultures, FCB focuses on creating “Never Finished” campaign ideas for clients that reflect a deep understanding of the brand’s past, a respect for the present and an anticipation of the future potential. With more than 8,000 people in 109 operations in 80 countries, the company is part of the Interpublic Group of Companies (NYSE: IPG). With operations in Toronto and Montreal that include FCB/SIX and FuelContent, FCB Canada was named three-time Digital Agency of the Year by Strategy and was the most awarded Canadian creative agency at the 2017 and 2018 Cannes Lions Festival of Creativity. FCB Canada is proud to serve some of the world’s most admired brands, including BMO, Clorox, Ontario Tourism Marketing Partnership Corporation and Ontario Lottery & Gaming. To learn more about FCB Canada, visit fcbtoronto.com or fcb.com and follow us on Twitter and Instagram.

 

1Drolet, 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.