Take care of yourself – take care of your money!
Happy Global Money Week! Every year, this international campaign helps young people around the world become financially aware and learn how to manage their money. This year’s theme is, 'Take care of yourself, take care of your money,’ which highlights the importance of building financial well-being, and staying healthy in the COVID-19 context.
Everyone has to manage their money, and the uncertainty brought by the global pandemic makes money management skills more important than ever. The sooner you can learn about positive habits and behaviours, the better your financial situation will be throughout life. And this is true no matter how much you earn. But it can be difficult to know where to start.
The good news is the Financial Consumer Agency of Canada (FCAC) offers a range of free financial tools and resources to help young people manage their money. These include information on budgeting for student life and managing your finances when you start working, as well as practical tools like the Budget Planner and Financial Goal Calculator. You can also check out our free webinar for students and recent graduates, It’s your money: Make it count! This webinar includes important information about how to make a budget, how to save, how to avoid debt and how to protect yourself from financial fraud, which is on the rise due to COVID-19.
For parents and guardians, there’s an opportunity to teach even very young children about money. Children as young as three can learn about the concept of money and how to identify coins and bills, while school-age kids can learn to differentiate between needs and wants, and how to budget for something special. FCAC has excellent resources to help parents get started.
COVID-19 has had a significant impact on the finances of many people, including young adults and students. For this reason, FCAC has a resource on how to manage financial health in challenging times, which contains information about getting through a financial emergency, and how to access government supports.
These are unusual times, but by developing the knowledge, skills, and confidence to make informed financial decisions, young people will be better positioned to handle whatever life brings, now and in the future.
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