1 in 2 Canadians Admit they were Unprepared to Manage Finances Heading into University

Students help increase financial literacy across Canada through Enactus and the Capital One Financial Education Challenge

TORONTO /CNW/ – Post-secondary students may be prepared for their required curriculum this fall, but a recent Capital One Canada Financial Education study suggests that many could be blindsided by a crash course in money management. Forty-six per cent of Canadians – and 50 per cent of 18-25 year olds – say they were unprepared to manage their finances going into post-secondary education. Fifty-three per cent of Canadians are still uncomfortable talking about their finances, yet 58 per cent agree talking about finances with friends, family and professionals is the best way to learn about effective money management. To bridge the gap in financial literacy, a group of Canadian students are doing their part to engage Canadians coast-to-coast in the conversation through Enactus Canada and the Capital One Financial Education Challenge.

“In order to build a basic comfort level with finances, we need to begin stripping away the taboo that most Canadians associate with it,” says Nathalie Clark, Managing Vice President, Capital One Canada. “That’s why we’re proud to support and celebrate an exceptional group of students who are doing their part to close the financial education gaps that exist within their communities.”

As part of the Capital One Financial Education Challenge, students from across the country are empowered to develop and deliver projects that teach relevant financial skills. Since 2006, this challenge has engaged 7,125 students across the country, resulting in the delivery of 779 financial education outreach projects and directly impacting 115,950 community participants. Examples of current programs include the following:

  • Enactus Okanagan College – CAN$ave: Teaches key financial literacy concepts to elementary school students through a five-lesson simulated economy and training program.
  • Enactus Windsor University – CityThrive: A 12-week program helping locals on social assistance gain financial stability through entrepreneurship.
  • Enactus Memorial University – SucSeed: A financial literacy training and micro-loan program which helps rural growers inLabrador with a shortage of fresh produce, purchase and utilize hydroponic systems. The hydroponic systems are built by at-risk youth, providing them with work experience and salaries.


“As the new school year approaches, students will be working tirelessly to deliver and expand their programs, providing valuable support to their communities,” said Nicole Almond, President, Enactus Canada. “These students truly are the future leaders of tomorrow and they wouldn’t be able to make the impact they do, without the invaluable support received from our partners.”

The Enactus team from Memorial University in Newfoundlandoverall national champion and regional champion of the Capital One Financial Education Challenge – will represent Canada during the Enactus World Cup, taking place in Toronto on September 28-30, 2016.

To learn more about the financial literacy projects developed by Canada’s top six regional finalists, click here.

About Capital One Canada
With offices in Toronto, Kitchener-Waterloo and Montreal, Capital One Canada has been offering Canadian consumers a range of competitive MasterCard credit cards since 1996. We challenge ourselves to see the world through the eyes of our customers, so we can deliver the market leading credit products and exceptional service they’re looking for. Capital One Canada is a division of Capital One Bank, a subsidiary of Capital One Financial Corporation of McLean, Virginia (NYSE: COF). Capital One is committed to investing in youth in our communities through program investment and the skills and dedication of our talented associates. To learn more, visit www.capitalone.ca/enactus.

About Enactus Canada
Enactus Canada is the country’s largest student leadership development organization dedicated to inspiring students to improve people’s livelihoods through entrepreneurial action. Enactus Canada provides a platform for post-secondary students to create projects that advance the economic, social and environmental health of Canada. Guided by academic advisors and business experts, more than 2,734 post-secondary students led 280 community empowerment projects and 672 business ventures this past year in communities coast to coast, directly impacting over 33,000 people. An annual series of regional, national and international competitions provides a forum for student teams to showcase the impact of their efforts and to be evaluated by executives.
As a global network of 36 countries, Enactus is an international non-profit that uses the power of entrepreneurial action to transform lives and shape a better, more sustainable world. To learn more, visit www.enactus.ca.

About Capital One Financial Education Study
From July 15th to July 18th 2016 an online survey was conducted among 1,523 randomly selected Canadian adults who are Angus Reid Forum panelists. The margin of error – which measures sampling variability – is +/- 2.5%, 19 times out of 20. The results have been statistically weighted according to education, age, gender and region (and in Quebec, language) Census data to ensure a sample representative of the entire adult population of Canada. Discrepancies in or between totals are due to rounding.

SOURCE Capital One Canada