Canadians are becoming more knowledgeable about money, and McMaster students are no exception.

Over the past year, the Student Success Centre has collaborated with the MSU and other University departments to develop Mac’s Money Centre — a multifaceted initiative designed to address financial literacy at McMaster.

“Everyone is jumping on the financial literacy bandwagon, and McMaster students can’t afford not to,” said Gina Robinson, associate dean of Student Affairs and director of the Student Success Centre.

“We owe this to our students. It’s about changing the culture, embracing the challenge and getting everyone involved for the greater good.”

Among other issues, the over-use of credit cards, relative ease of obtaining credit and a poor understanding of long-term financial planning have all been cited as areas of concern for students.

“Money management is serious stuff,” said Robinson. “It impacts all of us and warrants a community-wide effort. It’s the lack of understanding that is causing our students to have stress. We need to build their confidence and resilience so they feel good about money.”

The theme of this year’s National Financial Literacy Month is “strengthening financial literacy through collaboration,” and this is the approach the Student Success Centre and MSU hope to inspire at McMaster.

McMaster students are also invited to take part in The Financial Consumer Agency of Canada “My Financial Literacy Selfie” contest, using the hashtag #FLM2014Contest to show how you put financial skills to the test.

Three prizes will be awarded: a MacBook Pro (first place), a Mac Mini (second place) and an iPod Touch (third place).

The photo that gets the most likes on the Financial Literacy Month Facebook page will receive the People’s Choice award, and a $50 iTunes gift card. The contest is open until Nov. 19 at 11:59 p.m.

Watch for more articles, videos and social media posts about upcoming Mac’s Money Centre initiatives, as well as resources funded by the Student Life Enhancement Fund.

Faculties, staff and students interested in championing this initiative are encouraged to contact Gina Robinson at robing@mcmaster.ca or Rodrigo Narro, MSU VP, education, at rodrigonarro@hotmail.com.

Watch the first video in the Mac’s Money Centre series below: