Financial Literacy as a Pathway to Stability at REST Centres

At REST Centres, we believe that understanding and managing finances is a cornerstone of achieving stability and independence, especially for youth experiencing or at risk of homelessness. Our financial literacy program is designed to provide essential skills and knowledge, empowering youth to take control of their financial futures. Through this program, we aim to bridge the gap created by social inequity, stigma, and systemic prejudice, helping BIPOC experiencing housing insecurity shape new realities for themselves and others.

Learning to Spend Money Responsibly

"I just want to learn how to be more financially stable," said an anonymous REST client. For many youth, understanding how to spend money responsibly is the first step toward financial stability. Our program teaches participants how to create and stick to a budget, track their expenses, and identify areas where they can save money. By learning these skills, youth gain the confidence to make informed financial decisions and avoid common pitfalls that can lead to debt and financial hardship.

Overcoming Debt

"I had to leave university to support myself, and I'm currently working full-time to pay off my student debt from my first year. My goal is to return to school soon" shared another anonymous client, emphasizing a common goal among many who seek our services. Our financial literacy program includes comprehensive lessons on debt management. We educate youth on understanding different types of debt, strategies for paying off debt, and how to avoid high-interest loans. This knowledge is crucial for those who have already accumulated debt and are looking for a way out. With the right tools and guidance, youth learn to create realistic repayment plans and work towards becoming debt-free.

Importance of Saving

One of the youth in our program shared their experience, saying, "One of my biggest challenges was budgeting, managing money, and understanding how to save effectively. Now, I feel much better equipped to handle my finances and work towards building my savings.” This statement highlights the importance of financial literacy within our program. We emphasize the necessity of setting aside money for emergencies and future needs. By understanding the benefits of saving, youth can build a financial safety net that provides security and peace of mind. This crucial aspect of financial literacy helps them break the cycle of instability and achieve long-term financial health.

Understanding Taxes

"I learned how to do my taxes and gained a better understanding of why it’s important to keep receipts and maintain thorough records of everyday expenses. I’ve started keeping all my receipts now," said a program participant. Our financial literacy program includes a comprehensive overview of taxes, covering everything from filing tax returns to understanding tax deductions and credits. By educating youth on the importance of keeping receipts and maintaining organized financial records, we help them navigate the complexities of the tax system with confidence.

Practical Life Skills

"By cooking at home instead of eating out, I have significantly reduced my expenses. This change has allowed me to save a considerable amount of money each month, which I can now put towards other financial goals" shared a REST client, highlighting a practical application of financial literacy. By learning different practical life skills, youth can significantly reduce their living expenses. Our program not only covers traditional financial topics but also incorporates life skills that contribute to overall financial well-being. Cooking at home, for example, helps youth save money on food while also promoting healthier eating habits.

A Holistic Approach

Our financial literacy program is part of a broader effort to provide holistic support to youth. We offer transitional housing, employment assistance, and access to a range of support services. By addressing multiple aspects of their lives, we help youth build a strong foundation for independence.

Join Us in Making a Difference

At REST Centres, we are committed to ending youth homelessness in Peel Region. By empowering youth with financial literacy, we help them overcome instability and achieve independence. Together, we can make a lasting impact on their lives. Get involved today and be a part of the change.

For more information on how you can support our efforts, visit our website or contact us at [email protected].