Interac discovers seven out of 10 students say they would ask their parents to send funds via Interac e-Transfer if they needed it. Students favor exchanging money via Interac e-Transfers because it is instant (81%) and convenient (71%).
BMO Bank of Montreal plans to add more than 800 Cash ATMs to its network across Canada by the year 2014, bringing the network total to nearly 3,000 full-service and Cash ATMs. The new BMO Cash ATMs provide a fast and convenient way for customers to access their money, either through a withdrawal or cash advance. Also, surcharges and month-end Interac fees for BMO debit and credit card customers are waived. The ATMs are designed for cash-only transactions. BMO has also added the BMO Branch and ATM Locator function to the BMO Blue Room™ mobile app.
Visa has launched “Choices & Decisions: Taking
Charge of Your Financial Life”. Originally published in 1996, “Choices &
Decisions”
includes practical, ready-to-use, lesson plans designed by classroom
teachers for use in today’s school. Each of the 15 lessons are designed
to give
teachers’ the information they need to help their students understand
financial
planning and budgeting, develop better money management skills, set
goals and start
planning for financial milestones like attending a post-secondary
institution,
moving out or buying a car. The updated resource, which now also
includes information to help
students protect themselves from financial fraud, was developed by a
panel of educators to meet curriculum requirements for high schools
across the
country. Teachers can order hard copies of the resource or download
copies of
“Choices & Decisions” through www.practicalmoneyskills.ca.
Visa Canada is pleased
to return as a sponsor and active participant in Credit Canada’s “Credit
Education Week”. Credit Education Week’s theme is ‘Youth and Financial
Literacy’. A recent Visa Canada survey of more than one thousand high
school students showed that while more than one-third of respondents had
never created a budget, about three quarters of respondents agree that
money management and budgeting should be mandatory school curriculum.
Visa Canada’s Practical Money Skills website has helped thousands
of consumers develop budget, saving, investing and spending strategies.
In an effort to expand the reach of its financial literacy materials,
Visa Canada published a companion brochure to the Practical Money Skills
website in Spanish, Arabic, Chinese and Punjabi as well as English and
French, and offers consumers Credit Cards: An Owner’s Manual, a
bilingual guide that provides important tips on how to use credit cards
wisely.
CT-based Evolution Benefits will reward 10 Hartford public schools with
the Evolution Benefits “TeacherDollars Program” special-purpose debit
cards. The rewards go to teachers in schools that have demonstrated
marked improvement in the academic achievement of their students. In
order to be selected for “TeacherDollars Program” recognition, schools
must demonstrate significant gains on key indicators of school progress,
including results on Connecticut Mastery Tests. Each teacher, family
resource aide and principal will be rewarded with a “TeacherDollars
Card” valued at $200. This year, the total number of teachers
receiving cards significantly increases from 280 in 2007/2008 to over
380 for the 2008/2009 school year. The cards function only at selected
merchants who provide classroom-related products. Evolution Benefits
powers the programs of more than 200 health plan and
administrative services organizations and covers more than 11,000
employers.
According to the CICA/RBC quarterly Business Monitor, corporate optimism
plummeted in 1Q/08 across Canada in regards to the 12-month economic
outlook according to the participants of the CICA/RBC Business Monitor.
Among the participants, 24% of CAs in executive corporate positions are
optimistic in regards to economy for the coming year, compared to 63% in
4Q/07, while 48% of national businesses are optimistic in regards to the
same compared to 57% 4Q/07. Optimism also declined in the business
outlook for specific regions of Canada, having dropped 18% to 49% in
B.C., dropped 16% to 39% in Ontario and is up 9% to 60% in Alberta.
There is, however, a positive hiring outlook for post-secondary grads
with a projected .5% increase. The CICA/RBC Business Monitor is issued
quarterly based on surveys conducted by The Canadian Institute of
Chartered Accountants (CICA).
According to a recent survey by Credit Canada for its “Credit Education
Week Canada”, 90% of Canadians “feel” more in debt than 5 years ago,
yet 53% have no household budget for debt alleviation. What is even more
surprising is that 80% are unaware of what their credit score is and 26%
ignore the effect of interest rate fluctuation when granted a loan or
credit.
These alarming statistics reflect a great need for consumer education in
the
school of debt management and planning for the future. In response, Credit
Canada and Capital One Financial Corporation are teaming up to co-sponsor
the “Credit Education Week Canada” to build awareness on personal finance.
In doing so, representatives of the companies will tour schools to empower
people with the tools and knowledge to address the country’s fast growing
debt issues. This tour will consist of University Campus fairs in the
Toronto
area with presentations and essay contests. Specific topics will address
issues
of youth and money, identity theft/fraud, retirement planning and
savings and
investment.
A new study of college students has found that 25% rely on credit cards to pay a portion of their tuition and fees. Students cite the loan limits set for government programs as a contributing factor. The February study on Minnesota State Colleges and Universities also found that 37% of students use credit cards for other educational expenses, such as books, supplies or special equipment. Most students indicate they will not be able to pay off their credit card balances while in school. The Minnesota State Colleges and Universities system serves about 240,000 students per year in credit-based courses and an additional 130,000 students in non-credit courses.
Citibank Canada and Ontario-based KidsFutures have launched a MasterCard that enables cardholders to earn up to 2% on all purchases, which are automatically credited to an education savings account, which can then be channeled to a “Registered Education Savings Plan.” In addition to earning up to 2% for all purchases, the new “Citi KidsFutures MasterCard” offers, cardholders double and triple rewards through the program’s partners. All “KidsFutures Rewards” deposited into an RESP are eligible for an additional 20% contribution (up to $400 per year) from the federal government through the Canadian Educational Savings Grant. The no annual fee “Citi KidsFutures MasterCard” also offers multiple cards for family members or loved ones on the same account. KidsFutures was launched in October, 2003.
Citibank Canada and Ontario-based KidsFutures have launched a MasterCard that enables cardholders to earn up to 2% on all purchases, which are automatically credited to an education savings account, which
can then be channeled to a “Registered Education Savings Plan.” In addition to earning up to 2% for all purchases, the new “Citi KidsFutures MasterCard” offers, cardholders double and triple rewards through the program’s partners. All “KidsFutures Rewards” deposited into an RESP are eligible for an additional 20% contribution (up to $400 per year) from the federal government through the Canadian Educational Savings Grant. The no annual fee “Citi KidsFutures MasterCard” also offers multiple cards for family members or loved ones on the same
account. KidsFutures was launched in October, 2003.
The University of Ontario Institute of Technology and Durham College released a report that shows first-year college
and university students are a powerful and highly influential group to be reckoned with. On average, today’s college- and university-bound students have at least one credit card, and 40% report carrying debt on these cards. These students spend about $500 per month on fast food and clothes, and they drive household spending. Dubbed the “double cohort” generation, the majority of these students were born in 1984 or 1985 and they make up part of the 1.7 million students (5% of the nation’s population) who are enrolled in courses leading to degrees, diplomas or certificates at public colleges and universities throughout Canada.
A new VISA Canada study shows that only 43% of parents with
children aged 16-24 believe their children are able to manage the finances
necessary for post-secondary studies. The study shows that a post-secondary
student spends an average of $12,400 annually to cover tuition, books,
supplies and living expenses, 58% of which is financed from the student’s
earnings or from loans, scholarships and grants or other sources. In
2000-2001, more than 343,000 full-time students borrowed over $1.5 billion
under the Canada Student Loans program to finance their post-secondary
studies. VISA Canada says it has introduced a new chapter in its “Choices &
Decisions” program entitled “Financing Your Education to help Canadian
students.