In a time of surging costs, a new partnership with Wealthsimple Foundation is giving Laurier students a financial edge

As students across Canada continue to struggle with the rising cost of rent, food and tuition, Laurier students are benefiting from a new ally in their pursuit of financial stability: Wealthsimple Foundation.

The philanthropic arm of the Canadian financial technology platform, focused on delivering education to young people to help them achieve financial freedom, Wealthsimple Foundation has generously gifted $10,000 and the financial expertise of their team members to help Laurier students. The Foundation is the 2024/25 title sponsor of the Wealthsimple Foundation Dollars and Sense Money Management program.

"Rising costs for basic needs like rent, food and other living expenses, combined with tuition and textbook fees, made financial concerns surpass mental health as the top issue for students seeking support from the Dean of Students Office in the 2023/24 academic year,” says Adam Lawrence, dean of students at Laurier. “This change highlights the critical value and importance of personalized financial support as part of a wraparound package of support for students facing mild to serious financial hardship.

The program, which is offered at all of Laurier’s campuses, has three pillars:

The Money Management Certificate, in which students complete asynchronous learning modules on the basics of student finance management;
Individual Virtual Coaching Sessions of 30 to 40 minutes, which aim to address financial goal setting, exploring resources, scholarships and awards; and
More immediate concerns and events, such as workshops and presentations, both in person and online.

“Without this support, these financial pressures have a direct impact on students’ mental health, well-being, academic success and their ability to continue their academics at Laurier and cross the stage at convocation, " says Lawrence.

The program is also linked with the Leanne Holland Brown Student Emergency Fund, administered by Laurier’s Dean of Students Office, which provides students with one-time, emergency funding to ensure they can stay in school during a financial crisis. These students are offered financial coaching through Dollars and Sense.

“[The program] makes a real difference in the lives of students like me,” shared a student who received a bursary after a financial coaching session. “I am truly grateful for your understanding and assistance during this difficult time.”

A student-athlete felt they “truly wouldn’t still be at Laurier” without the one-to-one coaching, and felt the program was "absolutely vital to my success here so far.”

“Starting with our first session with Wealthsimple Foundation, we knew this partnership could go far,” says Cherish Hwang, financial literacy specialist at Laurier. “Now we are looking forward to growing the Wealthsimple Foundation Dollars and Sense Money Management program together and ensuring Laurier students have the best in financial literacy programming.”

In the year to come, beyond their sponsorship, Wealthsimple Foundation team members will offer four financial literacy sessions in person on the Waterloo Campus with a hybrid option for students located in Milton, Brantford and on co-op to join virtually; provide expertise on two podcast topics that are relevant to new graduates and incoming students; and modernize the Money Management Certificate on Laurier’s student learning portal.

“Financial freedom doesn’t happen by accident, it starts with the right tools, the right knowledge, and the right support along the way,” says Emily Naddaf, director, strategy and community growth at Wealthsimple Foundation. “We’re teaming up with Laurier to help students build strong financial habits early, access the resources they need and feel confident about their money. Wealthsimple Foundation Dollars and Sense Money Management is more than just a program, we see it as a launchpad for students to take control of their finances today to secure their financial freedom tomorrow.”