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What's in this guide
Financial literacy is having the knowledge, skills and confidence to make responsible financial decisions.
Knowledge refers to an understanding of personal and broader financial matters
Skills refer to the ability to apply that financial knowledge in everyday life
Confidence means having the self-assurance to make important decisions
Responsible financial decisions refers to the ability of individuals to use the knowledge, skills and confidence they have gained to make choices appropriate to their own circumstances.1
1 Task Force on Financial Literacy, Canadians and Their Money: Building a brighter financial future (2010)
Financial Literacy Month @ York
During November 2015, York University Libraries is aiming to help students improve their financial literacy and reduce some of the stress they feel about their finances by hosting a series of events at the Keele Campus to celebrate Financial Literacy Month @ York. See below for registration details.
Tax Planning for Post-Secondary Students - Wed, Nov 4 | 12:30pm-1:30pm | Location: S236, Seymour Schulich Building
This lunchtime talk is presented by Joanne Magee, an Associate Professor at York University’s School of Administrative Studies and School of Public Policy & Administration. Professor Magee will discuss why it’s important for students to file a tax return every year and how students can use a number of tax rules when filing their return to help offset the cost of college and university.
The Amazing Financial Race Workshop - Wed, Nov 11 | 12:30pm-1:30pm | Location: S236, Seymour Schulich Building
Are you interested in playing games, while also building your financial literacy skills? Then check out The Amazing Race workshop run by Credit Canada Debt Solutions! This fun and interactive session will cover topics such as signing contracts, using credit cards, fraud and identify theft, using money and budgeting.
Own Your Financial Future: Managing Debt and Making Credit Work for You - Wednesday, November 18 | 12:30pm-1:30pm | Location: S236, Seymour Schulich Building
This workshop will be run by CPA Canada. By attending this workshop, students will gain a better understanding of what credit is, how it works, and the value of having a good credit rating. Finally, students will learn about some practical ways they can take control of their finances.
National Student Financial Wellness Study
500 York University students from the Faculty of Liberal Arts and Professional Studies were surveyed for the National Student Financial Wellness Study (NSFWS) in 2014. York was the only Canadian institution that participated in this survey, while the other 51 post-secondary institutions were located in the United States. From this small sample of York students, the study found that:
- 32% of York students don’t think they will be able to pay off their debt after they graduate.
- Almost 90% of York students have never attended any sort of personal finance class, either in high school or at a post-secondary institution.
- 80% of York students are stressed about their finances in general.
- 60% of York students worry about paying monthly expenses.
- Almost 50% of York students said the amount of money they owe has caused them to neglect their academic studies or caused them to reduce their course load.
- While 60% of York students said the amount of money they owe caused them to consider taking a break from their studies and 40% considered dropping out altogether. (Source: NSFWS – York University, August 2015)
While the above results are coming from a small survey sample, it indicates that finances are top of mind for many York students.