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Money Basics

Resources in this section will assist youth to:

  • Explore how values relate to money decisions
  • Provide relevant background information including why we have money, what we use as money, what affects the purchasing power of money, and how banks come to play such a major role

Click on any of the following question groups for an explanation and a list of related links and resources:


Q What is money anyway? Why do we have it and what can be used as money to pay for things? And why do we have banks to handle our money?
Q What kinds of services do financial institutions provide? What are some of the "basics of banking"? And what do they actually do with the money that I deposit?
Q What are "service fees" that are charged by financial institutions, and how can I keep them as low as possible?
Q What if I have a complaint about my financial institution?
Q What kinds of bank accounts are there and why would I pick one over another?
Q What does "reconciling" or "balancing" a chequebook mean and how do you do it?
Q Is money that I have in a financial institution insured?
Q What's to know about writing cheques - and, by the way, what actually happens when I write a cheque?
Q What about ATMs (sometimes called ABMs) - the automated money machines - what can they be used for and what are some tips on using them wisely and safely?
Q They want me to pay with a "pre-authorized debit" from my account? What does that mean and is that okay?
Q What kinds of frauds, scams etc. should I watch out for?
Q Money and your values - it's an interesting area to explore. Any ideas for the exploration?
Q The world of money seems to evolve around decisions. What can I do to try to make sure my decisions are good ones?
Q What are some of the factors that will affect the value of money? And, since money is only paper that we print, why can't we just print a whole lot of money and make everybody better off?
Q Whew - the jargon! How can I get help to understand some of the terms in the world of money?