U of T School of Continuing Studies launches personal finance course for racialized youth

The University of Toronto School of Continuing Studies has launched its first personal finance course designed specifically for Black, Indigenous and other racialized youth. 

Developed in collaboration with Wealthsimple Foundation, the six-week online pilot program aims to equip young adults with essential financial literacy skills they may not have had the opportunity to learn in high school or other educational endeavours. 

In particular, the course aims to equip learners with the key skills required for personal banking, budgeting, debt management and smart personal financial planning. 

“Youth may be in the early stages of their professional or educational pathways, and/or living independently, and financial responsibility or a budget mindset may not have been part of their lived experiences,” says Juan Mavo-Navarro, the school’s assistant dean, lifelong learning and innovation. “This course helps propel them forward.”

The program addresses this gap by providing practical knowledge and skills that will prepare youth for today’s real-world financial responsibilities and serve them well into their future. “When they start making money and having expenses like commuting or buying books for school, or paying rent, that’s when reality sets in,” Mavo-Navarro says. 

"For those involved in a financially literate environment early on, the learning begins by experience. However, without guidance, they may be prone to costly mistakes."

Acknowledging the importance of early financial education, Wealthsimple Foundation has sponsored the program, making it free to attend for qualifying learners.  

Course co-creator Martina Simmonds says it was important to her to gear the program towards young people from equity-deserving groups. 

“I prioritized developing a resource specifically tailored for Black, Indigenous and racialized youth, aiming to address their financial literacy needs directly,” she explains. 

“Integrating culturally focused case studies, peer and celebrity confessions, and practical skills like completing income tax forms were crucial steps in bridging this gap. This initiative represents the course I wish I had during my university years, and I am thrilled to partner with the Wealthsimple Foundation and SCS to make this valuable resource available.”

Catherine Chandler-Crichlow, dean of the School of Continuing Studies, says she looks forward to seeing what participants in the program will do with the knowledge they gain through the program.

“We’re so happy to be a part of helping these bright and determined young people gain access to a set of skills and knowledge essential to allowing them to take control of their financial futures.”