Over the past two years, the Ontario Committee on Student Affairs (OCSA) and the Ontario Undergraduate Student Alliance (OUSA) have examined the range of support provided to international students attending Ontario universities and colleges. This report is done in the context of an anticipated increase in international student enrolment. In this paper, we identify the impact associated with lack of financial literacy of international students.
Furthermore, our definition of financial literacy will be limited as much as possible to only those dimensions that are relevant to the integration of international students. This includes the knowledge of costs of living in Ontario, awareness of student financial aid opportunities, banking system etc.
Financial education is focusing on improving international student’s financial knowledge, cultivating money management skills, increasing confidence around financial decision-making and providing appropriate perspective related to their financial well-being.
Today’s international students are enrolled during turbulent economic times, resulting in higher tuition fees, and a high correlation between money management and stress. Most colleges and universities campuses should focus energy and resources toward developing or enhancing effective financial education programs to increase financial capability, and support for international student success. Having little knowledge of the Canadian financial system, how do international students manage their money while integrating into their new environment?
The main objective of this report is to learn about the state of knowledge in the area of financial literacy as a complex barrier to international student’s integration. The report contains four core-components. The first is a background providing reasons for the choice of topic and its relevance. Second, the literature review of existing studies in the area. Third is findings, discussion and implications...