Youth Reflections on our Financial Literacy Series

This month we caught up with Mikel and Immaculate, two members from our Youth Action Committee. They shared some of their learnings and insights from our financial literacy workshops and ways they intend to improve their financial habits. Check out what they had to say below!

Mikel Osei-Owusu

Through a Financial Capacity Building workshop with Harprit Gill, I learned that seemingly simple practices such as ordering UberEats everyday and making impulse purchases can have a big impact on savings overtime. While they may seem like small spendings in the moment, they slowly add up and take away from money that could be invested or used for necessities!

Some skills I’ve learned to enhance my financial literacy from this workshop included cutting back on those small unnecessary purchases, using cash instead of debit, and checking my bank accounts often!

These tips were especially relevant to me during the school term, because I avoid looking at my account balance when I know I’m making a lot of purchases. However, doing this leaves me open to spending more than I need or want to. Sometimes it’s scary to see money physically leaving, but it helps me stay on budget, especially when I can see the cash actually leaving my possession!

Personally, the idea of having a family in the future and retiring motivates me to contribute to my financial wellness.

Growing up, saving money was not really a concept taught or utilized in my household. I didn’t understand that we don’t have to live paycheck to paycheck if we can adopt healthy habits and start saving early.

Lately, things are getting expensive, and it only pushes me to save more in order to have the lifestyle I want in the future. Through the workshop, I learned that the average Canadian needs to have around $1 million saved in order to live comfortably after retirement, however, I would like to live much more than comfortably, and that $1 million dollar figure is my motivation to do so.

Immaculate Adarkwa

Some new practice’s that I have learned throughout the financial literacy series were budgeting, and investing. 

I learned new ways to budget, and how to cater my budget to my financial circumstances, so that I can still be able to save, while purchasing necessities and spending on wants. As someone, who will soon start paying taxes, I found learning about how investing works, and the different ways to invest very helpful.

With the knowledge of investing, I now know I can save with budgeting, but it won’t take me as far as investing will, especially looking at what I want to accomplish in the future like being able to purchase a house.

I think my motivation to grow my financial literacy stems from understanding how money plays a role in achieving goals I have set for myself and gaining financial freedom.

Learning how I can make my money work for me, rather than me working for the money, is definitely another motivator.

Knowing and understanding the benefit of contributing to my own financial wellness, has given me greater inspiration to also share with others.