As we wrap up Financial Literacy Month here in Canada, we decided to have a little fun with local athletes. We made the trip down to FirstOntario Centre to have a financial literacy chat with a few of the Hamilton Bulldogs. Life as an AHL player comes with some of the same financial challenges that young adults face on a day to day basis. Here’s an inside look from three of the Hamilton Bulldogs – Mike Condon, Mac Bennett and Darren Dietz.
The average Canadian student graduates university with $28,000 of debt and takes an average of 14 years to pay it back. This means that if the average student graduates at 23 or 24, they will be paying off their debt by 37 or 38. Wow. For some it’s probably not until graduation comes around that the word “debt” comes up in conversation. Quite simply, student debt sucks and many Gen Y’ers are simply tired of dragging it around. For many it’s because it sometimes feels like it’ll never come to an end. I recently discovered an article in the Globe and Mail – one that many of you can probably relate to, no matter what age or stage.
It’s crazy that year after year we still know more about pop culture, healthy diets and the world of sports than we do our own finances. To be quite honest – I’m even in this spot sometimes so I can relate. We dedicate more time researching “sport scores or current fashion trends” in Hollywood than what our own finances look like. Yikes, kind of scary, but true. When it comes to understanding our finances, it’s time we make it a priority. There’s a purpose that Financial Literacy Month was created. Canada is still falling behind when it comes to financial literacy – a reason Jane Rooney, Canada’s first Financial Literacy Leader was brought in to help the Canadian Task Force on this very subject. November 1st marked the fourth annual Financial Literacy Month here in Canada! Statistics show that there is a need for more conversation on the matter. When it comes to our financial literacy, the majority of Canadians (94 per cent) give themselves a passing grade, according to a recent survey. Of that number, 56 per cent give themselves an “A” or “B” grade, compared to 45 per cent last year. What I also thought was interesting was that the report revealed that most Canadians (56 per cent) feel they would benefit from an introductory course covering personal finance basics. This is always good news.
I know exactly what it feels like to fork over 50% of your pay cheque to one thing every single month – and I’m not talking mortgage or rent. That’s what car insurance was like for me. Was I the greatest driver? No, and I’ll be the first to admit that, but the industry wasn’t so much in my favour at the time. Car insurance is definitely not the cheapest thing going for Gen Y’s out there. I recently read an article in the Globe and Mail about the state of car insurance affordability for Millennials these days. It struck me how soaring premiums have nearly priced out Gen Y from the market these days. Nonetheless there are still practical ways to make car insurance affordable.
It’s hard to believe one year has already flown by. We’re excited to be a great resource for our community – no matter what age or stage in life. I must say, it’s definitely a great time to celebrate all that we’ve been able to accomplish over the past 365 days. Along with the variety of blogs we post every week, we’ve also had the privilege to present financial literacy seminars to many young adults from various schools, conferences and events in our communities.
We have been fortunate enough to bring Money on Trees seminars to different events within our communities this past year, and we look forward to seeing you at more events.
Let’s be honest – Getting a post secondary degree can be a pretty costly decision. If you’re like me, balancing a serving tray on weekends at a local café pinching the tips I’d earned was my way of “paying for school”. In my spare time, I’d be applying for numerous scholarships and bursaries in hopes that one might slash some dollars off my tuition. Eventually, I paid it off. It wasn’t easy, and it’s not getting any easier it seems.
Hi! My name is Fabio and I’m a social media coordinator at FirstOntario Credit Union. When I’m not finding new ways to spread the word about credit unions and community-based banking, I’m blogging about personal finance and getting through the financial tough stuff. more »