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Tuesday, 11 September 2012

Personal Finance 101

For many, the month of September means back to school. Whether starting classes or setting kids up for their first year of college or university, this month is the time to start thinking about hitting the books. In this article from the Globe and Mail, we learn that the majority of students believe that money management should be among the subjects offered to students. On average, when students finish their tenure at a post-secondary institution, they will be in approximately $27,000 in debt, and among those surveyed, very few feel they will be prepared to manage their finances. The survey found that 69% of students polled believe personal finance should be brought to the classroom, an increase of 12% from 2009, when the survey was last conducted.

With tuition fees rising, and the issue of personal debt becoming more prevalent, students are becoming more aware of the importance of being prepared. However, the survey noted that only a quarter of respondents believe that their school supplied them with the necessary financial information. Students are saying their main financial concern is paying for post-secondary education, yet only 3 out of 10 are saving for school. Bigger financial steps like applying for a mortgage or saving for retirement may seem far off, but giving students the tools they need early on will give them a good foundation for financial success later in life. A non-profit financial literacy group, the Investor Education Fund, is assisting in the creation and implementation of a program that will introduce money management into the curriculum for grades 4-12. It is the hope that schools will begin to acknowledge that financial literacy is of significant importance for students.

Click here for the full article from the Globe and Mail.

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