TORONTO, ONTARIO--(Marketwired - Jun 3, 2014) - The vast majority of Canadians believe volunteering has various positive economic impacts on the economy - and the latest industry data appears to support that notion, according to a new study released today by BMO Financial Group.
The study, designed to provide a snapshot of volunteerism in Canada, was released ahead of BMO Volunteer Day, a company-wide initiative that will involve thousands of employees volunteering in approximately 400 projects in communities across North America.
Conducted by Pollara, the study found:
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95 per cent of Canadians believe volunteering contributes to the economy
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In fact, according to the most recent industry data, Canadians contributed approximately 2 billion hours of their time to volunteering in 2010 - equivalent to more than 1 million full-time jobs and 5 per cent of total labour compensation
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Of those who believe there is an impact, more than half believe volunteering helps improve social cohesion and socio-economic outcomes in communities (53 per cent)
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Another 51 per cent say volunteering can help people learn skills for future work
According to the study, the majority of Canadians (61 per cent) have volunteered in the past 12 months; spending an average of 18.7 hours per month. Of that group, Canada's millennial generation is leading the charge; 69 per cent of this group volunteered in the past year, out-pacing the national average by 13 per cent.
Eric Tripp, President, BMO Capital Markets, noted that there are many cases to be made for increasing volunteerism in Canada.
"The act of volunteering is a win-win for everyone involved, as it creates a sense of purpose for those giving back, while strengthening multiple facets of the communities in which we all work and live," said Mr. Tripp. "As a community bank, BMO is part of the fabric of cities and regions across our footprint and beyond, and we have a key interest and a responsibility in ensuring they continue to thrive. It's what we owe."
According to the study, corporate culture can have a meaningful impact for increasing engagement among Canadians. In fact, one quarter of Canadians say they would be more likely to volunteer if their employer did more to encourage them to do so, such as offering a day off for volunteering (26 per cent).
Mr. Tripp added that BMO's longstanding history of giving back is driven by the efforts of BMO employees, who are encouraged to volunteer their resources, time and talents throughout the year.
"Corporate Canada has the responsibility and the resources to make positive contributions to society at large, including the development of projects and initiatives that will improve the communities in which they do business," commented Mr. Tripp. "One way to do this is by mobilizing their workforce and encouraging employees to get involved."