Many young people graduate from high school unprepared to navigate their personal finances.
It’s a reality that student-run non-profit PennyDrops is working to change. Founded in 2015 at McGill University, the organization now has 19 chapters across Canada and is in partnership with BMO.
“Our goal is to equip Canadian youth with the knowledge and confidence to make informed financial decisions,” says Ariana Masse, John Molson School of Business student and chief marketing officer of the PennyDrops national team, based in Montreal.
“I was in high school when I realized I wasn’t being taught anything about taxes or getting a salary, so I had to learn that on my own,” she says.
The growth of PennyDrops in the few years since it started has meant the team has been able to reach more than 12,000 high school and 4,000 university students with its programming.
“Each chapter recruits mentors to teach Canadian youth financial literacy,” Masse explains.
“I was really motivated by the idea of helping students get a better and more well-rounded education on this topic than I got.”
Masse adds that students come out informed, but teachers are also very excited because they recognize the importance of the subject matter.
“Our mission is such an important one, because no matter what you do in life, once you graduate high school, everyone needs to manage their finances.”