OTTAWA, ONTARIO--(Marketwire - Aug. 21, 2012) - A basic understanding of how to manage your personal finances is important for everyone, but is crucial for young adults who may be moving out on their own as they pursue post-secondary education, training or employment. Many young people may need some help to prepare themselves for this step.
The Financial Consumer Agency of Canada (FCAC), an independent federal government organization, has a number of free resources for students, parents and teachers. From information on Moving Out on Your Own and Paying for Post-Secondary Education, to tools to help you teach money management through our Financial Basics resources, the Agency offers a wide range of helpful tips and tools.
"As students move from secondary to post-secondary education or training, their financial needs change significantly," said Ursula Menke, Commissioner of FCAC. "Whether they want to learn more about the costs of leaving home, sources of funding for their education or how to better manage their money, FCAC has lots of objective information to help them."
Financial Basics resources, developed in partnership with the Investor Education Fund, allow you to host a workshop and provide participants with a hands-on learning experience that teaches money management skills that participants can use for life. The material covers managing expenses, credit and debt; protecting oneself from fraud; and saving for the future. The workshop materials have been updated, and are now available online and as PDF files. Printed copies are also available upon request and free of charge.
FCAC's website offers teachers, students and parents a one-stop location for free, objective information. Moving Out on Your Own explains all the expenses people will incur when they move into their own place for the first time: ongoing costs like rent, utilities, laundry, parking, as well as the one-time payments such as moving expenses, furniture, cable and Internet connections and a security deposit.
Paying for Post-Secondary Education is a comprehensive guide for anyone looking to fund post-secondary education. It provides an outline of the costs, and also suggests ways to save and find other sources of financial support. The Student Budget Worksheet lists possible expenses which can be compared to the money available to pay for them-it also does the math for you.
With educational materials and interactive tools, the Financial Consumer Agency of Canada (FCAC) provides objective information about financial products and services to help Canadians increase their financial knowledge and confidence in managing their personal finances. FCAC informs consumers about their rights and responsibilities when dealing with banks and federally regulated trust, loan and insurance companies. FCAC also makes sure that federally regulated financial institutions, payment card network operators and external complaints bodies comply with legislation and industry commitments intended to protect consumers.
You can reach us through FCAC's Consumer Services Centre by calling toll-free 1-866-461-3222 (TTY: 613-947-7771 or 1-866-914-6097) or by visiting our website: itpaystoknow.gc.ca.
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