CCS Memorial Scholarship Program Opens During Financial Literacy Month
Financial Literacy Crucial for Students Graduating into a Period of Economic Unpredictability
NEW WESTMINSTER, BC, Nov. 20, 2024 /CNW/ - The Credit Counselling Society (CCS) is pleased to announce the opening of the second annual Scott Hannah Memorial Scholarship. The five, $1,000 prizes are offered to grade 12 students with a passion for personal finance.
Participants will be asked to create a written submission focused on how financial literacy and smart money management skills can increase financial wellness and success for themselves and their communities, something that CCS's President & CEO, Peta Wales, explains is crucial in today's global economy.
"Financial literacy is vital for young people graduating high school. It lays the groundwork for a stable financial future and can help them avoid debt, make informed decisions, and achieve their financial goals; factors that are increasingly important given today's economic environment."
While the latest MNP Debt Report Index reflects an improved financial outlook for many Canadians, it also highlights the lengths to which many individuals are going to try to combat the high cost of living.
The MNP report found that nearly one-in-three Canadians (30 percent) were practicing some form of "bill splitting" to help cut costs. Some of these methods are more practical and applicable to daily life – i.e. carpooling, buying in bulk, sharing subscriptions, and childcare costs – but others can be a bit more extreme.
For example, one-in-ten (13 percent) respondents said they were saving money by moving in with friends, partners, or family members, or seeking additional roommates or co-living spaces. Sometimes, challenging economic conditions do call for more significant lifestyle adjustments, explains Mark Kalinowski, Partnership & Education Specialist at CCS. "When we're working with clients who are really struggling to make ends meet, options like downsizing their home or renting out a room – extreme as they may seem – can be on the table as potential solutions."
But a cause of concern for the team at CCS is that some cost-saving measures may be doing more harm than good. Kalinowski explains, "While we're always glad to hear about Canadians taking proactive steps to budget and manage their household finances, not all methods being used are financially sustainable ones." To his point, three-in-ten Canadians reported that they were eating less food to save money.
Anne Arbour, Director of Partnerships & Education at CCS points out, "Cutting back significantly on the quality and quantity of food in the household to save money is certainly concerning. This kind of reaction to ongoing economic pressures highlights a perceived lack of options when consumers are struggling with debt."
That, along with a lack of financial literacy, is also how many individuals can get themselves in trouble with "quick fix" financial solutions. Arbour adds, "Without the resources and knowledge to manage finances in a more proactive way, many consumers – especially younger people – can get caught up in payday loans, high interest credit card debt, and other financial traps they may not be prepared for."
Avoiding scams is another reason why financial literacy is such a crucial skill, states Mason Cox, Director of Counselling at CCS. "It's especially important for those just getting started with managing their finances – i.e. students, young adults, and newcomers to the country – to understand the pitfalls and financial traps so they don't fall victim to them."
Cox adds that the scholarship is open to students planning to attend a variety of post-secondary institutions, not just university. "Whether it be a trades certification, vocational program, college or university, we are encouraging students in BC, Alberta, Saskatchewan, Manitoba, Ontario, and the Territories to check out the official Scott Hannah Memorial Scholarship page where all the submission criteria and eligibility requirements are available."
In addition to helping offset the high cost of post-secondary education for students, the scholarship also raises awareness about the critical role that financial literacy and money skills have in the future financial wellbeing and success of individuals across the country.
Wales adds, "By prioritizing financial literacy, we can empower young adults to navigate the financial challenges and opportunities of adulthood with confidence and competence. The scholarship was created in honour of our previous CEO, Scott Hannah, who believed that money management skills and a solid understanding of financial literacy, could transform people's lives and positively impact the world around them. Through this scholarship we hope to continue with that legacy."
About the Credit Counselling Society (CCS)
The Credit Counselling Society is a non-profit organization dedicated to helping consumers manage their money and debt better. CCS provides free, confidential credit counselling, debt repayment options, budgeting assistance and financial education. Visit nomoredebts.org to learn more.
SOURCE Credit Counselling Society of BC
Media Inquiries: The Credit Counselling Society has spokespeople from across Canada available for interviews to discuss this topic in more detail as well as any other relevant financial topics. Please feel free to reach out to the number below: John Lock, Director of Marketing, Direct: 604.636.0277, Email: [email protected]
Share this article