Juggling finances while in post-secondary can be incredibly stressful. While trades students are paid for their time during the jobsite portion of their apprenticeship, their payment pauses for the in-class portion. During this time, many apprentices apply for Employment Insurance (EI) but sometimes the paperwork is a barrier itself, as students do not receive payments in a timely manner or struggle with navigating the EI application process.
Simultaneously, apprentices must account for transportation costs and are typically required to purchase their own tools, equipment, books, and more on top of existing apprenticeship registration fees (Government of Ontario, 2021). Another financial expense for some apprentices is access to flexible and affordable childcare, especially when apprenticeships require earlier work starts and later finishes that fall outside of typical childcare hours (Government of Ontario, 2021). Apprentices are more likely to often or always feel stressed by not earning enough money to cover their bills and these expenses, on top of the rising cost of living in Ontario, can produce significant financial stress for apprentices, which has been linked to numerous physical and mental outcomes, including anxiety and depression, loss of sleep, headaches, high blood pressure, poorer overall health, and more (Government of Canada, 2019).
Spotlight
Georgian College offers a Trades Financial Process course (worth 3 credits) that, in essence, is a financial toolkit designed around being an entrepreneurial tradesperson and what that could look like financially.
This tips and tricks page by Support Youth Ontario offers money management tips for apprentice students. This can be used in conjunction with the Government of Canada’s Budget Planner.
At Mohawk College, the Mo’ Money Financial Literacy Resource Centre helps students develop financial skills and provides them with resources and training to apply those skills.
