New program draws from survey revealing post-secondary students' top challenges and most-wanted educational topics
National Bank is supporting the Canadian Foundation for Economic Education (CFEE) as it launches a financial literacy program aimed at students across Canada.
“These are incredibly challenging times for all Canadians—but particularly youth who have had their family and social life put under stress—and also their education and finances,” said CFEE President Gary Rabbior. “CFEE is very pleased to have partnered with National Bank to be able to bring help, information, and resources directly to college and university students whether they are studying at home or on campus.”
The program, called HELP: Managing My Money on Campus, consists of 100 planned online workshops and webinar presentations to be held over the next three years. It was developed based on a survey of 1,436 students from 94 post-secondary educational institutions that was conducted this past spring.
When asked to list the financial difficulties they’re facing, respondents said their top challenges include:
- Dealing with financial stress in general (64%);
- Preparing and working with a budget (57%);
- Paying tuition fees (53%);
- Paying and managing monthly expenses (50%); and
- Difficulty generally knowing how to manage their finances (48%)
The students were also asked to indicate what questions they would ask if they were attending an on-campus workshop held by a financial expert. Consistent with the previous results, the top themes that emerged were investing, budgeting, student debt/tuition, taxes, and saving money.
In response to a question on the topics they’d like to know more about, students’ top answers were:
- Investing money for the future (76%);
- Ways to save money (59%);
- Creating and working with a budget (52%);
- Building a financially healthy life (55%);
- Preparing tax returns (55%); and
- How to manage major expenditures (55%)
Another question sought to find out the ways and means by which students would like to learn more about managing their money. Respondents were most likely to prefer help from parents or guardians (64%), followed by websites and online resources (62%) and help from a financial institution (55%). Half said they’d consult a financial advisor (50%), and just over four tenths said they’d seek help from on-campus workshops providing tools and resources (43%).
“We're extremely proud to support the financial education of post-secondary students by assisting CFEE in developing these resources,” said Lucie Blanchet, executive vice-president – Personal Banking and Client Experience at National Bank. “Our youth has a clear need for financial education, and we believe these tools will improve their financial health and have a positive impact on their lives.”
