Considering how much I worked during high school and university, you'd be forgiven for thinking my savings account resembled a pile of gold with a dragon snoozing on top.
Alas, that's not the case. The truth is, I spent most of the money I earned. On cool things, sure — that new iPhone felt absolutely worth it at the time — but since then, I've come to realize how the financial choices we make can shape what we're able to do in the future.
It all came into focus thanks to Money Matters: Take Charge!, a free, pan-Canadian online research project led by Université Laval's RBC Chair in Financial Innovations. It helps young Canadians aged 15 to 19 assess their financial knowledge, reflect on their habits and receive personalized feedback.
The questionnaire can help you figure out your financial goals. Kaboompics | Pexels
Despite being a smidge older than the target demographic (to put it kindly), I took the survey for a test drive, answered questions, watched short videos and received a personalized financial profile highlighting my strengths and habits I might want to reconsider. Suffice it to say, the feedback was eye-opening.
While my financial-literacy score of 13 out of 15 was reassuring, my profile described me as prone to making decisions without always stopping to consider their consequences. Well, that explains the iPhone.
The assessment felt accurate, but it also revealed an important distinction. Knowing about personal finance isn't the same as consistently applying that knowledge. I understood the idea of saving, for example, but I wasn't weighing the short-term benefit of a purchase against what that money could do for me over time.
Every financial decision involves a trade-off
A major theme throughout the questionnaire was the need to balance cost and benefit — or risk and reward — before making a financial decision.
Setting goals early can help you achieve them. MART PRODUCTION | Pexels
That kind of thinking can help you make room for both short-term wants and longer-term goals. A budget, for example, can help you enjoy some of what you earn now while setting money aside for the things you want to achieve later.
As one of the lessons put it, "You can only spend each dollar once." Thinking about what you want to achieve can help you decide whether you'd rather spend that dollar today or put it toward something you want in the future. Even relatively small amounts can matter when time is on your side.
What taking part involves
Now in its fifth year, Money Matters: Take Charge! is expanding into Ontario. What makes the project useful is that it doesn't treat personal finance as an abstract subject. It asks participants to connect their decisions to goals they may already be considering, from travelling or buying a first car to paying for school or eventually moving out.
The online questionnaire covers participants' backgrounds, aspirations, financial knowledge and responses to hypothetical situations. The glossary and 10 short educational videos help explain and reinforce key personal-finance concepts along the way.
In about an hour you can learn a lot about your relationship with money. MART PRODUCTION | Pexels
The full experience takes about an hour. At the end, participants immediately receive personalized feedback about their financial knowledge, habits and goals.
Young people can take part once or choose to participate in the project's long-term research component. That part of the study will follow participants over time to explore what helps them reach their financial goals.
Participation is free, and Canadians aged 15 to 19 can complete the questionnaire anonymously throughout November 2026. Participants will also have a chance to win one of 100 prepaid cards worth $100 each. Those who join the long-term study provide contact information, which is stored separately from their responses.
Why I think this matters now
Learning about personal finance isn't just about saving money. It's also about understanding how the choices you make today can help you work toward the things you want for your future.
The project prompts you to think about your priorities.Julia M Cameron | Pexels
The project doesn't tell participants exactly what to do with their money. Instead, it gives them information and encourages them to think about their own priorities. The personalized feedback can also highlight strengths they can build on and habits they may want to reconsider.
For me, the biggest takeaway was simple: pause before making a financial decision. Consider the immediate reward, the long-term cost and how that decision fits with what I want to achieve.
I can't go back and invest the money I spent on that new iPhone. If you're taking the questionnaire this November, however, you still have plenty of time to make choices that serve both who you are today and who you hope to become.
To learn more about Money Matters: Take Charge! and complete the free online questionnaire, visit the project website throughout November.
This content is for general informational purposes only and does not constitute financial, investment, legal, tax or accounting advice.