UPEI students get a crash course in money management
The Provincial Credit Union offered up its two cents on financial planning and responsibility to UPEI students on Wednesday.
Students could ask financial experts questions or access a number of resources on topics like budgeting and how to properly manage student debt. The credit union hopes this outreach helps increase the financial literacy of students.
Ashley Doucette, a fourth-year student at UPEI, was working the event. She said it's important that students reach out and learn more about their finances.
"Students have a lot of confusion around financial literacy and they aren't necessarily sure what to do. So, it's definitely important to be here and target students because they do need a lot of help," she said.
Shannon Kennedy, marketing engagement co-ordinator at the credit union, said she's heard a lot of similar things from UPEI students.
"A lot of people are stressed out right now. It's tough, you know early September still everyone's getting adjusted. They're wondering when their student loan is coming and they're wondering about lines of credit, credit cards, how to build credit," said Kennedy.
Those are concerns she said she understands — it's a lot of responsibility all at once.
"All of a sudden you finish high school and you're expected to be independent and make these huge financial decisions that could affect your financial future. And this is really the right time, the right age, to get started on the right foot," said Kennedy.
Steep learning curve
Doucette said that was her experience when she began her university career.
"First year, it was my first year moving out, first year buying groceries, first year doing all those things that I've never done before. So it's definitely a learning curve having to budget my money," she said.
If students make poor financial decisions at this stage in their life, Kennedy said, it will hinder them going forward, so making the right choices is very important.
Budgeting and saving
The most important things that students can do are budget and save, said Michelle Gallant, a financial services officer with the credit union.
"And not just get that student loan money and just spend it all at once," she said. "It's great when you get the lump sum of money at the beginning from a student loan. But, there's always bills that pop up and things that they have to pay for because it's expensive to be a student."
It's something that Doucette would go back and tell herself in first year if she could.
"Save. You don't need a pair of shoes, and you don't need to go out with your friends every day, and you don't need to eat out. More saving, and doing things that aren't expensive and definitely planning your budget."
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