Sudbury

Sudbury school to focus on money management for kids

The Rainbow District School Board is receiving a grant to offer special talks to students on a variety of topics.

Two-hour workshop for parents and students scheduled in coming weeks

(iStock)

The Rainbow District School Board is receiving a grant to offer special talks on a variety of topics.

At Carl A. Nesbitt Public School, students and their parents will be able to take part in a talk about money management.

According to the Canadian Foundation of Economic Education, 50 per cent of high school graduates, students between the ages of 17 and 20, have debt.

It’s a statistic that is surprising for Ruby Lougheed Yawney, a senior financial advisor, who will be giving the upcoming talk to parents and students.

She said children need to be taught to be able to look at different kinds of debt, and decide which kind of debt will impact their future.

“You’ve got your education which if going to be your best investment of your lifetime … it’s going to help you with your income potential in the future. So that’s a good investment.” she said.

“[But] do you really need that cell phone? Is there a compromise somewhere?”

Lougheed Yawney adds students also need to look at the difference between using cash or a debit card for purchases.

 “I think when you’ve gone from physical money … and then this next generation, I think we have to … work a little bit harder at teaching them the value of a dollar and these whole financial principles of living within your means,” she said.

 “We need to talk about where money comes from [and] what it is.”

The upcoming workshops will take place on November 17 and November 24.

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