Financial Literacy: Helping Youth Overcome Homelessness
Like older adults, choosing how to better manage finances can be a challenging feat for young adults. Similarly, it is difficult for the youth we assist at REST Centres.
When examining the issue of youth homelessness, we should consider the aspect of a lack of financial education and financial aid resources. Studies have indicated that budgeting and managing finances is never on the table for youth who are at risk of or experiencing homelessness. Therefore, financial literacy programs for youth are needed to train them in managing their money responsibly, prevent eviction, and thereby prevent homelessness.
With this understanding, REST Centres provides financial literacy programs through in-person, online, and one-on-one workshops. Our programs provide the basic concepts that equip participants to effectively steward their available financial resources. Topics such as debt/credit management, understanding how to make financial arrangements, and saving tactics have proven invaluable to past participants.
Krista, a college student, reflects on her time with homelessness and managing school at the same time. “My mother kicked me out while I was schooling and that led me to almost being kicked out of school since I could not pay for it. The REST Centre's Financial Literacy programs have mostly helped me with budgeting when I move out, saving, paying bills, and ensuring that everything I need is covered. Budgeting has mostly been beneficial. Now that I am in a better position, I know where to put my money and how to distribute it so that I do not waste it on frivolous purchases.
REST has also provided me with housing assistance, which has been extremely beneficial, so it primarily assists me in understanding where and how to spend my money. I would recommend the REST centre to anyone who is dealing with a problem or on the verge of becoming homeless.”
In parallel, we recognize that making financial decisions based on incorrect information has long-term repercussions, such as credit repair and ongoing financial struggles. By providing financial education and other pertinent services, homeless youth are in a better position to make sound financial decisions; and be aware of where to seek the right help.
“There will never be an end to homelessness,” says Rachel, a post-secondary student, who also faces housing insecurity. “Homelessness is a recurring cycle but understanding financial literacy can help curve a bit of how homeless one could be. If you have even half the amount of money you need for your deposit on your rent, and if you are staying in a place temporarily and working your way towards the other half of that money you are a step closer to being somewhat stable. Understanding financial literacy is literally understanding where your money goes and how you are spending it.”
By working together as a community, we can help prevent challenges like financial hardship and housing insecurity from threatening the promising futures of the BIPOC youth of our community. You can help our efforts to ensure more BIPOC youth have the support they need to realize their potential by becoming a REST Centres member.
To learn more about how participating in our programs can improve the lives of young people, get in touch with us today. To further help more young people, consider sharing our newsletter and donating to our cause.