In preparation for independent living, young people on Continued Care and Support for Youth or Voluntary Youth Services Agreement are offered a financial literacy course program.
Financial literacy is the skills, knowledge and confidence to know how to spend your money, determine which products and services best suit your needs, and plan for future events like owning a home and retirement.
We recognize that learning about finances should start early, way before the age of 18. We provide financial literacy training for children and youth in care starting at grade 4. By the time youth turn 18, they will have had the chance to practise and manage finances, which is essential to transitioning out of care and into adulthood.
Some of the learnings include:
- Understanding financial systems and resources
- Budgeting: income, expenses, debts and savings
- Tax credits
- Home equity
- Access to credit
- Workplace and public benefits
We will refer you to online or in community learning to assist with financial literacy.
Part of this training includes learnings for caregivers who can teach these skills to children in their care on an on-going basis. Ideally, all children and adolescents in care should have a bank account by age 8 or after 8 months in care.