Developing resources focused on financial literacy for students is essential for our future generations. This Financial Literacy Month, we wanted to offer our student readers as many resources as we have to help them acquire the knowledge they need to stay out of debt.
As leaders of the next generation, now is the time to shore up your knowledge on personal finance and learn how to save money while still in school. The earlier students learn about spending plans, budgeting, investing, and credit, the better off they’ll be in the long run.
Students in grades nine and above: learn more about how you can prepare yourself for real-world money scenarios while still getting an education.
Student Financial Literacy Resources
Consolidated Credit has a number of booklets and other resources in our debt learning center that are helpful. There’s also the Government of Canada’s Financial Literacy Database, with a number of free tools available.
The following are some of the most helpful resources you can refer to on our site:
- How to Start Building Your Credit
- Summer Student Job Tips
- Leaving the Nest? Student Housing 101
- Keep Student Debt Down
- Credit card tips for students
- How to choose a student credit card in Canada
- Minimize student debt
- What is the Ontario Student Assistance Program?
It’s your future. Don’t be shy to ask questions
Don’t forget, there is value in having conversation too. Talk to your friends and to your family members. Build up a relationship with a representative at your local bank, trusted advisors can help you understand financial products and options.
One of the greatest roadblocks to financial literacy is your own insecurity around your lack of knowledge. The good news is that you hold the power to reverse that trend, and it starts with asking questions and committing to learning what you need to know. Would you rather feel foolish about asking questions initially or feel regret later on if you don’t have the information you need to make wise decisions?
Financial Goals For College Students
Heading off to university or college signals the transition to your next stage of education; you hope that investing in post-secondary education will open doors to your future. While no doubt getting a good education can set you up for future success, lessons learned during these years outside of the classroom will play an important role as well.
“The years during which you are pursuing post-secondary education are a great time not only to set yourself up for future career success; it’s also a great time to set yourself up for financial success. You are already in learning mode and the life lessons around money management will help you achieve that success,” says Jeff Schwartz, executive director, Consolidated Credit Counseling Services of Canada.
“Many Canadians fall woefully short when it comes to financial literacy. Learning about basic financial concepts and finding out where to get the information that you need, means that you’ll make better-informed decisions as you move along your career path after graduation,” says Schwartz.
4-Financial Concepts for Better Decision Making
Get over your fear
We understand the topic of finances can cause some tension in some families. However, if you have children, teach them the importance of financial literacy at an early age. Otherwise, they may end up living a life dependent on credit and in debt without any savings.
Create a shopping list, stick to your list and let your children pay at the cash register using cash. Explain to your child the importance of creating a shopping list and how effective comparison shopping can be. You can also show them the Flipp app and this way they can see for themselves why it is important to stretch your dollars further.
Create a budget together
You don’t need to create anything complex. Remember to keep it simple. You can keep it basic and create a budget for their extracurriculars, their clothes, or toys/video games.
The options are endless. Just start the process of creating a budget with your child today and the money lessons they learn from you now, will stay with them for a lifetime.
Save for a rainy day
The cycle of debt can be broken by learning how to save for tomorrow. So teach your child the importance of saving and they will end up having a deeper appreciation for the concept of planning for their future. If you say nothing to them, they will not know why it is important to save. Start the conversation now – don’t delay.
Give them an allowance
It really doesn’t matter how big or small their allowance is. The bigger lesson is teaching your child the cause and effect relationship of money management. This way they can be in control of their money and understand what happens when they spend all of their allowance versus saving it for a rainy day.”
Related to: Financial Literacy for Students – Money Management Resources