“Money talks.”

It’s a familiar expression, but the Student Success Centre wants to answer a more important question — “Can you talk money?”

Since November 2014, the SSC has been hard at work refining its financial literacy initiative, Mac’s Money Centre, to help students gain greater confidence when it comes to talking about their finances.

The goal is to create a culture of students who feel good about money, and provide the resources to reduce their financial stress.

“Post-secondary students are entering university with little understanding of basic financial concepts. They are unprepared to take on the challenges of planning and executing a budget and are often extremely stressed by the need to manage their funds appropriately,” says Terry Bennett, financial counsellor for Mac’s Money Centre.

Initially launched as an online resource, Mac’s Money Centre has expanded its offerings this year to include in-person services such as bi-weekly workshops and one-on-one counselling with an accredited financial counsellor.

The knowledge gained is not only useful during a student’s time at McMaster, but essential as alumni transition into the workforce and face greater financial responsibilities.

In addition to regular programming, Mac’s Money Centre hosts a variety of events which focus on generating discussion among students.

This past March, Mac’s Money Centre asked students to share their thoughts on money and finances at the “Money Doesn’t Grow on Trees (Or Does It?)” event. The first question was simple — what comes to mind when you think of money?

The answers were varied. Initial comments included words like freedom, tuition, necessity and broke.

“We all have a different relationship with money so we need to first figure out what that is,” says Gina Robinson, director of the SSC. “Storytelling and sharing our values about money is key to positioning us for a successful relationship.”

Follow Mac’ Money Centre on Twitter @MacsMoneyCentre, and view a series of helpful videos in the Mac’s Money Centre Series.

Canadians are becoming more knowledgeable about money, and McMaster students are no exception.

Over the past year, the Student Success Centre has collaborated with the MSU and other University departments to develop Mac’s Money Centre — a multifaceted initiative designed to address financial literacy at McMaster.

“Everyone is jumping on the financial literacy bandwagon, and McMaster students can’t afford not to,” said Gina Robinson, associate dean of Student Affairs and director of the Student Success Centre.

“We owe this to our students. It’s about changing the culture, embracing the challenge and getting everyone involved for the greater good.”

Among other issues, the over-use of credit cards, relative ease of obtaining credit and a poor understanding of long-term financial planning have all been cited as areas of concern for students.

“Money management is serious stuff,” said Robinson. “It impacts all of us and warrants a community-wide effort. It’s the lack of understanding that is causing our students to have stress. We need to build their confidence and resilience so they feel good about money.”

The theme of this year’s National Financial Literacy Month is “strengthening financial literacy through collaboration,” and this is the approach the Student Success Centre and MSU hope to inspire at McMaster.

McMaster students are also invited to take part in The Financial Consumer Agency of Canada “My Financial Literacy Selfie” contest, using the hashtag #FLM2014Contest to show how you put financial skills to the test.

Three prizes will be awarded: a MacBook Pro (first place), a Mac Mini (second place) and an iPod Touch (third place).

The photo that gets the most likes on the Financial Literacy Month Facebook page will receive the People’s Choice award, and a $50 iTunes gift card. The contest is open until Nov. 19 at 11:59 p.m.

Watch for more articles, videos and social media posts about upcoming Mac’s Money Centre initiatives, as well as resources funded by the Student Life Enhancement Fund.

Faculties, staff and students interested in championing this initiative are encouraged to contact Gina Robinson at robing@mcmaster.ca or Rodrigo Narro, MSU VP, education, at rodrigonarro@hotmail.com.

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