Community Colleges Offer Money Management Courses to Young Adults

Just because you can vote doesn't mean that you understand money.

In fact, many young adults have little (or no) idea about basic financial concepts.

The Financial Consumer Agency of Canada (FCAC) has got together with the Association of Canadian Community Colleges (ACCC) and the Investor Education Fund (IEF). They plan to organize financial literacy workshops at 10 colleges across the country.

As the FCAC says, way too many young people get their first experience managing finances only when they go away from their homes to college or university. That's too late. This hands-on learning experience covers responsible management of personal finances. The workshop is called Financial Basics. It includes topics such as managing expenses, credit and debt; protection from fraud; and saving for the future.

"Financial literacy is an essential skill for all Canadians," said James Knight, President and CEO of ACCC. "For young adults, it makes it possible to manage their monthly budgets while saving for future goals such as buying a house. Colleges are the perfect choice to deliver this kind of workshop because of their close ties with their local communities."

The Financial Consumer Agency of Canada and the Investor Education Fund, together with Ellen Roseman, a financial author and journalist, helped develop the Financial Basics workshop.

"Post-secondary students are, in many cases, at the age where they can apply for loans, credit cards and other financial services. A clear understanding of the fundamentals of financial products is vital to help them avoid costly mistakes. I'm pleased that this partnership with ACCC and IEF will allow us to reach so many college students so quickly," said FCAC Commissioner Ursula Menke. "Financial literacy is an important component of the work of the Agency, which also provides objective information on financial products and services to Canadian consumers."

"Developing and supporting opportunities for life-long financial learning in schools, in communities and online has been our mandate for over a decade," said IEF President Tom Hamza. "Our research shows that people new to managing their money want and need the information they will get from the Financial Basics workshop. It will provide a solid foundation of skills and knowledge on which they can build as their financial learning needs change throughout their lives."

This partnership enables colleges across the country to deliver Financial Basics workshops in French or English this February and March. The following colleges will be offering the workshop: Algonquin College (Ottawa, ON), Assiniboine Community College (Brandon, MB), Collège Acadie Î.-P.-É.(Wellington, PEI), Conestoga College (Kitchener, ON), La Cité collégiale (Ottawa, ON), Nova Scotia Community College (Halifax, NS), Parkland College (Melville, SK), Seneca College (Markham, ON), St. Clair College (Windsor, ON), Vancouver Community College (Vancouver, BC).

To learn more go to The Money Belt and Get Smart About Money.