by Barbara Turnbull, toronto star

Every dollar counts.

Lessons like that – which might have helped this credit-dependent generation had they learned them early – are being taught to a lucky few in high schools by an enterprising group of Ryerson University business and marketing students.

$tart $mart, a program created and implemented by the university students volunteering with a charity, gives practical financial lessons to mostly at-risk students at high schools.

Last month, their program won them an annual challenge through Students in Free Enterprise, a charitable organization engaging teams of post-secondary students to use their own financial literacy education to give back to their communities.

$tart $mart is a series of interactive, financial planning seminars and a training manual, aimed at youth with limited financial literacy skills, that teaches effective budget management, short- and long-term financial planning, the importance of saving and income tax regulations.

"We see it really does work," says Andrea Belvedere. "They're learning things that are actually relevant to their lives."

Follow-ups show students change spending habits, develop better credit and debt management, and start investing for their future.

"It's not necessarily a bad thing to admit you don't know that much about financial literacy and financial education," Belvedere says. "We (don't) teach in a way that makes them feel like they've missed things."

The 4-year-old program has grown quickly, reaching some 360 participants aged 16 to 25 in seven institutions last year, who committed to saving 25 per cent of discretionary income each month and, in total, saved about $3,500 in six months.

They plan to expand the program to 50 Toronto high schools within five years and are working with the Ministry of Education to have their manual certified. At present, 12 Ryerson students belong to the program, but they also have contacts with field experts, who come in as guest speakers.

The program is a valuable addition to the curriculum, says Sunil Singh, a teacher at Eastdale Collegiate Institute, whose Grade 11 workplace class participated. Because the Ryerson students are also young, "they share their own personal experiences in money management," he says.

His students did weekly budgets and compared them, finding motivation in each dollar saved, Singh says. Many of the students are living on their own, some are pregnant and some are already parents.

"These kids especially need the skills that are being offered by Ryerson, more so than others, because they can't afford to have quarters and dollars go here and there," Singh says.

Their experiences were also eye-opening for the Ryerson students, he notes.

Danforth Tech teacher Ian Richards says his students were shocked to learn, among other things, that just one missed credit card payment gets recorded on their credit rating.

"There were lots of open mouths, because most students ... don't understand how much it can damage you in the long term."

That carefree attitude about money, so common among young people, is what they are trying to counteract, says incoming program director Sara Farajian. "We realized that ... especially high school, students don't really take care of their expenses. They are not planning for the future. Saving money is crucial in their lives and that's what we were able to make them realize."

That's information everyone needs, some argue.

Recently Toronto trustee Josh Matlow spoke out about the need to teach basic financial skills as early as Grade 4.

Although Education Minister Kathleen Wynne says the secondary school curriculum has enough places where such issues can be taught, many disagree – particularly other teachers.

"What we've heard from post-secondary institutions, is that, generally, students come to them very ill-prepared," Richards says. "They haven't had to take very much personal responsibility for their finances. I felt that this was something that they really should know."

Both Richards and Singh say they look forward to the program's return next year.

With this past year's success, their ultimate goal is to get people to realize the importance of fiscal responsibility and pass on knowledge, Belvedere says.

Online modules are being prepared that will be available to anyone on the Internet.

To see this story at thestar.com, click here