Mac’s Money Centre marks one decade of financial education

Marking a decade of service, Mac's Money Centre continues to support students in navigating the complexities of financial literacy and education costs

Mac’s Money Centre is marking 10 years of service to McMaster University students, providing tailored financial literacy programs and support. From tax support and online learning tools to credit management and debt reduction strategies, the centre has evolved into a vital resource hub addressing the unique financial challenges students face.

The centre's early efforts focused on assisting international students through small-scale tax workshops and individual support. Terry Bennett, one of Mac’s Money Centre's coaches, spoke of how the initiative grew in response to a pressing need identified by the McMaster Students Union and the university community. “This program started from a need that the MSU and students articulated,” said Bennett.

Gina Robinson, CPA, Financial Educator and Money Coach, spoke about how the centre has since evolved to assist students in more broadly navigating financial matters. “Students really wanted everything in one place—how to pay tuition, access scholarships and budget effectively,” said Robinson.

Today, the centre serves as a centralized hub for financial literacy resources, helping students navigate the complexities of budgeting, OSAP loans, investing and more. “Managing money isn’t just about spreadsheets . . . It’s about understanding your goals and values. If budgets aren’t tied to what matters to you, they’re hard to stick to,” said Bennett.

She added that financial pressures remain one of the top stressors for students, alongside academic and career concerns. Rising tuition, housing costs and inflation have left many students struggling. “We’re seeing more students saying, "I don’t think I can finish my degree because I can’t afford it",” said Bennett.

Matthew Olejarz, a third-year health sciences student, spoke about why they think the services provided by the centre are important for students. “Financial literacy is a skill that most people are semi-aware of, but they don’t fully understand . . . It’s not something taught in school, so being able to guide students is important,” said Olejarz.

One of the centre’s most impactful initiatives is its involvement in the Community Volunteer Income Tax Program, a partnership with the Canada Revenue Agency. The program trains McMaster students to assist low-income residents in Hamilton with tax preparation.

Andrijana Olaizola, director of finance and administration for student affairs, spoke about how the program trains McMaster students to assist low-income residents in Hamilton with tax preparation. “We’ve grown from 10 volunteers to over 125, completing more than 2,000 tax returns annually,” said Olaizola.

Professor Miroslav Lovric, who teaches mathematics and statistics in the Faculty of Science, described how he has collaborated with the centre in its efforts to bring financial literacy into the classroom. “Gina and Terry started appearing as guest instructors in my course, where they would talk about practicalities like taxes,” said Lovric.

Lovric noted that many of his students later became volunteers for the centre’s program.

As the centre enters its second decade and economic pressures mount, its leaders aim to increase awareness through events and expanded services. Robinson emphasized that sustaining and expanding the centre’s services will require ongoing funding and institutional commitment. “Even though we’re busy, many students still don’t know about us," said Robinson.

Reflecting on the past decade, the staff expressed pride in the centre’s accomplishments. “We call this milestone a decade of progress, partnerships. and prosperity,” said Robinson.

Bennett echoed that students increasingly recognize the value of the centre’s programming. “They realize the value of what they’re learning and that’s incredibly gratifying,” said Bennett.

For more information about Mac’s Money Centre or to access its services, students can visit their website.