Toronto, ON — June, 2008 Graduation is an exciting event for young people and their families. The future is bright, and new horizons open up. However, many of these opportunities mean big decisions are necessary. Many of the decisions these graduates face have profound financial implications. Scoring solid financial planning advice at this point in their lives can be almost as valuable as getting that degree or certificate.
"Parents want to see their children prepared to take on, and take advantage of, whatever life throws their way once they're on their own," says Ann Bowman, VP Communications and Corporate Relations, Financial Planners Standards Council (FPSC) "When they fly the coop, even temporarily, everyone feels a little calmer if they leave knowing how to manage their money."
Increasingly, parents are including their children in financial planning discussions to help them learn important and responsible financial planning habits early on in their lives. Bradley Roulston, a CFP® professional based in Nelson, British Columbia, agrees that there is no better gift for a recent graduate than good financial planning advice.
"New graduates generally have limited financial resources. However, they usually have time on their side, which is a huge advantage when it comes to investing — one part of the financial planning spectrum," Roulston says. "They also face a number of important financial decisions that can often set the stage for future success. It's crucial to learn good financial habits, like managing cash flow."
Roulston regularly speaks at universities and colleges about financial issues facing graduates. Often, graduates are concerned with paying off debt, financing post-graduate studies, moving into a condo or house, saving money for a car, wedding, vacation or to start a business.
Interested in a story on how recent graduates can apply basic financial planning? We can connect you with CERTIFIED FINANCIAL PLANNER® professionals from across Canada who can offer insight, expertise and experience on this issue.
Here are some of the topics CFP professionals cover with recent grads:
- Credit — understanding what's good and what's bad — and managing credit responsibly
- How to maintain a social life on a budget
- RRSP's, TPSP's (tax prepaid savings plans) — which one is best, based on the situation?
- A smart start on taxes
- Investing fundamentals — starting at a young age can make a substantial difference
- Recent changes to the Canada Student Loan program
- The 2008 Federal Budget — new grants for first-year students from lower-income families and students with disabilities
Additional Resources
FOCUS ON FINANCES [1]
A financial planning toolkit for Canadians aged 15 - 25
LEARNING CENTRE [2]
HAVE A QUESTION? WE HAVE PEOPLE WITH ANSWERS WHO CAN HELP!
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For further information on FPSC and CFP certification, please visit our online media kit at http://www.cfp-ca.org/media/media_mediakit.asp.
MEDIA CONTACTS
* Eileen Chadnick/Chadnick Communications for FPSC at 416.631.7437 or e-mail eileen@chadnick.com
* Angela Rea at 905.304.0923 or e-mail angela-rea@chadnick.com
* Liz Ptak/FPSC at 416.593.8587 x 257 or e-mail lptak@fpsccanada.org