Carleton University Students’ Association (CUSA) and Carleton University are partnering to teach students how to save their coins, all throughout the month of November.
Although the programming is annual, Canadian studies show students need financial literacy now more than ever.
A study looking into the student debt crisis, by licensed firm Hoyes, Michalos & Associates Inc. which promises to help Ontarians get out of economic distress, found student debt contributed to more than 17.6 per cent of insolvencies, the first step towards filing for bankruptcy, in Ontario as of 2018. The study notes this rate is at a record high since data collection began in 2009, with roughly 22,000 former students unable to pay their debts.
Sponsored by Scotiabank, CUSA and the university’s financial literacy campaign has seven events which range from financial workshops and interview role-playing, to a local food market on campus.
Each week is dedicated to a specific theme linked to financial literacy, such as job-seeking, food budgeting, and banking, said Sissi De Flaviis, CUSA vice-president (student issues) in charge of the campaign.
“Honestly I’m never excited about financial literacy because it’s all about money I’m like, ugh,” De Flaviis said. “But it’s gonna be fun, I’m trying to make it not very drain-y, like, bankwise.”
“I feel like every student is always going to say, ‘Oh, I’m broke,’ but it’s like you don’t have to be broke, there are so many ways you can make money as you’re studying,” she said. “You don’t have to buy a house while you’re studying, so you can literally be making bank.”
“I know it’s hard, but that’s the whole importance of this is to teach you how to make money, by leading a balanced life and doing well in school, so it’s all in one.”
CUSA president Lily Akagbosu also said this year’s programming is focused on making financial literacy easier to use.
“It’s sort of themed in a way that students can actually practicalize the information they’re learning,” Akagbosu said. “Because one of the things that happens is when we put up these workshops, sometimes students are challenged in terms of how to apply that right away.”
Akagbosu also said CUSA may be partnering with student job-seeking organizations to provide students a discounted course on financial literacy, similar to other free and discounted courses the organization offered for students this year including Smart Serve and first aid certifications, which would be available by the end of the month.
“Another thing we’re considering is potentially giving students access to a course because with workshops, only a select number of people can attend at one time and it doesn’t fit with everyone’s schedule,” she said.
“When you’re in high school, they don’t teach you about money as much as they teach you about math or English,” Bedard said. “They don’t focus on things that are important for life.”
“I mean, I don’t know how to do my taxes,” Bedard added.
As a student who lives off-campus, Bedard said she appreciates CUSA increasing the amount of programming throughout the month.
“I’m only here for classes so half the time I’m not on campus,” she said. “It’s good that they’re making that more available for students because time is valuable and we don’t have a lot of it.”
Upcoming events for financial literacy month include a local vendors market in the UC atrium and a self-branding presentation by Hatch, both taking place this Friday, Nov. 15.
A list of all financial literacy events is available on the CUSA Facebook page.
Featured image by Tim Austen.
