The Apprentice Meets the Real World - Summer2005

As spring turns to summer, a generation of graduates prepares to turn their attention from scholastic theory to lessons in real life.

While many celebrate the opportunities that lie ahead, equally as many dread the responsibility that comes with emerging from the cocoon of academia.

These days, an increasingly large proportion of Canadian youth have difficulty making the transition from the world of school to the world of work.

One major reason may be the departure from the traditional notion of a job for life and a guaranteed pension.

According to Social Development Canada's website, "today's worker will have on average approximately three careers and eight jobs over a lifetime."

Another factor contributing to young people's anxiety may be the growing legacy of financial hardship and debt, created by rising tuition fees.

Many of today's graduates are leaving post-secondary institutions with a student loan burden on par with a mortgage.

This puts young people at a major disadvantage right from the beginning, when they should be free to pursue their dreams, says David Fairlie, of Rice Financial's Saskatoon branch.

"It also reinforces the need for financial advice and guidance at this very crucial time in a young person's life," he adds.

Often, people confuse financial planning with retirement planning the last thing on a new graduate's mind, says Fairlie.

But whether they're planning to move out on their own, travel or buy a car, most dreams require financing - and a financial plan if they are to be achieved.

A professional financial advisor can help develop a plan to fund and protect dreams, repay debt and manage risk - skills that aren't necessarily learned in school.

"We provide the tools that give young people the capacity to be resourceful, adaptable and flexible amidst change and ambiguity, without overwhelming them," says Fairlie.

The hardest part is convincing a young person it will be good for them, says Fairlie.

That's where parents and grandparents come in.

"Just as you prepared them for school, prepare them for life," says Fairlie. "Much the same way they eventually learned to like vegetables, gentle encouragement will eventually convince young people that financial health is equally important to a long and prosperous life."