Fashion

Was there an expectation for you to attend higher education? Did you participate in any form of higher education? If yes, how did you pay for it?
Yes, my parents always expected us to attend higher education — they’re both university professors. Specifically, they wanted us to move away from home to go to school, because they thought it was an important part of building independence. That said, I grew up knowing there was money for this, and, living in Canada, the costs are far less astronomical than in the States. My parents contributed to RESPs for each of us, which covered tuition, and also helped supplement basic expenses like housing and food. I also worked part time at the university library throughout my entire undergraduate degree, received scholarships (of which I sent half back to my parents and kept half for myself), and worked full time during the summers. Money from these streams paid for everything that wasn’t tuition, rent, and groceries: books, meds, therapy, spending money, internet, my laptop for school, etc. I graduated without any student debt, a huge privilege that put me on really secure financial footing compared to many of my peers. I returned to school for a master’s program, which I paid for without any financial family support, although my family’s knowledge of and comfort in higher education spaces was a huge help when it came to applying for scholarships. I received a significant government scholarship ($17,000) that covered some of my expenses, $5,000 for tuition from my university, and I worked as a teaching assistant, research assistant, and editorial assistant to make ends meet while I completed my second degree. I also got a co-op job.

Growing up, what kind of conversations did you have about money? Did your parent(s) educate you about finances?
In my household, conversations about money were dominated by the “We can’t afford everything” mindset: My family saw money as a series of choices, and because education was my parents’ first priority, that meant knowing we couldn’t afford things like frequent meals out or family vacations that involved getting on planes. Beyond that, my parents didn’t educate me about money or personal finances beyond “You should open a TFSA.” I didn’t know what investing was, how credit scores are determined, or how to manage daily expenses, and credit cards and other consumer debt was anathema in my household (and I hardly used my first credit card until I was 23). Basically, all I learned about money is that saving = good and spending = bad. I did a lot of reading right after I finished grad school, and that’s where I learned about money.

What was your first job and why did you get it?
The summer I turned 15, I worked as a camp assistant at a kids’ day camp in Quebec as part of a work-exchange and language-learning program sponsored by the YMCA. I stayed with a host family and learned French, and my family hosted a student from Quebec. I got the job for spending money, the chance to get away from my hometown for the summer, and to learn French, although this last part was mostly incidental. I felt extremely rich receiving my paycheck even though I was making around $10 an hour. Before that, I had babysat on a casual basis for family friends.

Did you worry about money growing up?
Not really. There was enough to go around. I did feel guilt about money: guilt about the cost of my education and the money that my parents spent on me, especially as a pre-teen/teenager.

Do you worry about money now?
Yes. I live in a high cost of living area and worry constantly about the future, the prospect of job loss, and long-term security. I’d like to be able to achieve big goals like owning a home, but these don’t feel achievable in large part because my money worries keep me from wanting to part with the cash needed to make that kind of purchase.

At what age did you become financially responsible for yourself and do you have a financial safety net?
I became financially responsible for myself as soon as I crossed the stage after my undergraduate degree at age 21. That said, my safety net is significant. My family would be able to help me if I lost my source of income, I could stay with them if I lost my housing, and they have helped me manage unexpected expenses, like the cost of travelling to my grandmother’s funeral earlier this year.

Do you or have you ever received passive or inherited income? If yes, please explain.
After the support I received for my education, no, and I don’t expect to.