BMO and MoneyPrep Partner to Boost Financial Literacy for Canadian Elementary Students

BMO has entered an exclusive strategic partnership with MoneyPrep to provide financial literacy resources to elementary schools across Canada. This initiative addresses the growing integration of financial education into provincial curricula starting from Grade 1, offering fintech professionals a look at how major institutions are securing long-term customer engagement by building foundational skills in the next generation.

What was announced

The partnership focuses on delivering practical, classroom-ready lessons and digital tools to teachers at no cost. Aimed at elementary students, the program is designed to help young Canadians develop essential money management skills, such as saving, thoughtful spending, and goal-oriented planning. This move aligns with the Canadian federal government’s National Financial Literacy Strategy, which seeks to strengthen the financial resilience of citizens from an early age.

Teachers can access these resources through the MoneyPrep platform to help students navigate increasingly complex financial decisions. The initiative complements BMO’s existing suite of digital financial health tools. These include BMO SmartProgress, an online education platform featuring interactive content for budgeting and investing; BMO My Financial Progress, a goal-planning tool within the bank’s mobile and online banking apps; and BMO Insights, which uses data to provide 25 different personalized spending views. Additionally, the bank offers BMO Credit Coach to help users monitor and simulate credit scores. By providing these tools for free to educators, the partnership aims to lower the barrier for financial education in schools nationwide, ensuring that students have the confidence to make informed decisions before they enter the workforce.

"Helping young people build strong financial knowledge early in life creates a foundation for lifelong financial well-being. We are proud to partner with MoneyPrep to help bring engaging financial education resources into classrooms and support educators in preparing students for the future. By investing in financial literacy at an early age, we're helping the next generation build confidence and the skills they need to make informed financial decisions and achieve real financial progress."

Andras Lazar, SVP & Head of Everyday Banking, Segments & Personal Lending at BMO.

The companies involved

BMO Financial Group is one of the largest diversified financial services providers in North America. The organization offers a wide range of personal and commercial banking, wealth management, and investment banking products and services. As a major player in the Canadian market, BMO has been active in modernizing its digital offerings to compete with both traditional peers and emerging fintech challengers. The group has recently undergone strategic shifts in its geographic footprint, including the divestment of certain retail assets in the United States to refocus on core growth areas and digital transformation.

MoneyPrep is an educational technology firm specializing in financial literacy for children. The company focuses on creating engaging, age-appropriate content that simplifies complex financial concepts like interest, inflation, and budgeting for a younger audience. By partnering with a Tier 1 financial institution like BMO, MoneyPrep gains significant distribution scale across the Canadian education system. This collaboration represents a bridge between specialized edtech and traditional banking, aiming to fill gaps in public school resources while establishing brand presence among future consumers.

What FF News has reported before

FF News has closely followed BMO’s strategic maneuvers in both the retail and commercial sectors. In 2026, the publication reported on BMO and Mastercard Launch Embedded Commercial Payments for North American Enterprises, highlighting the bank's push into integrated B2B solutions. The bank also made waves in the wealth management space when BMO InvestorLine Disrupts Canadian Banking with Unlimited Commission-Free Stock and ETF Trading. On the structural side, FF News covered the bank's portfolio optimization in BMO Finalizes Sale of 138 U.S. Branches to First Citizens Bank. Additionally, the bank's cross-border capabilities were noted when Mastercard and BMO Expand Global Money Transfer Service to Nearly 70 Destinations.

What this means

This partnership signals a shift in how incumbent banks view the customer lifecycle. By entering the classroom at Grade 1, BMO is moving beyond traditional marketing to position itself as a foundational utility in a student’s life. This puts pressure on other "Big Five" Canadian banks to formalize their own edtech partnerships or risk losing the "first bank account" advantage. For the broader fintech sector, it highlights a growing trend where financial literacy is no longer just a CSR checkbox but a critical customer acquisition and retention strategy. The challenge remains whether these digital tools can maintain engagement once the novelty of the classroom setting fades.