Research has shown that financial stress can cause both mental and physiological health issues, including heart disease, depression and anxiety. According to the Canadian Payroll Association, 44 per cent of Canadians were living paycheque to paycheque in 2018, and 40 per cent felt overwhelmed by debt.
Consolidated Credit Counseling Services of Canada (CCCSC) is an organization dedicated to helping Canadians understand and improve upon their financial management. In 2018, CCCSC established the Consolidated Credit Financial Empowerment Award at Seneca — a $2,500 award for a non-graduating student with a GPA of 3.0 or higher, who can demonstrate the impact the support will have on their educational career through responsible money management.
“As Canada’s largest non-profit credit counselling organization, our team frequently hears about the financial difficulties postsecondary students face as they try to balance the costs of their education with their personal needs,” said Jeffrey Schwartz, Executive Director, CCCSC. “Not only does this put students at a disadvantage when it comes to future milestone purchases, like buying a car or home, it can also lead to stressful debt issues. In response, we have proudly partnered with Seneca to offer students who are committed to personal financial empowerment with the funds they need in order to graduate with as little debt as possible.”
The pandemic added further financial stress for many students who experienced (or whose families experienced) job instability. Sunyang Cho, an International Transportation & Customs diploma program student in her third semester, and last year’s award recipient, understands these challenges.
“The ambush of COVID-19 made my world difficult in many ways,” said Ms. Cho. “This scholarship is helping me achieve my academic and personal goals. It will keep motivating me to maintain my grades and complete my degree.”
In addition to their support of Seneca, CCCSC provides free seminars on financial literacy and debt management to those in the community who may not otherwise be able to afford them.
CCCSC also advocates for better financial education in schools and in workplaces. Recently, they established Knowledge of Financial Education (KOFE), a versatile and interactive wellness platform for organizations to offer financial resources and coaching and tools that give individuals the boost they need to better handle their money and avoid financial stressors.
As Mr. Schwartz puts it: “Unless the fundamentals of financial education are established, financial security is just a wish."