How can financial literacy benefit you? For one, it can help empower and equip you with the tools to make the best financial decisions for you.

Here’s how Rob and Roma addressed three pressing financial topics:

Managing financial pressure

Rob and Roma start by acknowledging that the costs associated with getting a university education have gone up quite a bit in recent years. Many of the questions they received from students were around how to set yourself up financially by investing and saving. However, with financial pressure at an all-time high, Rob’s number one piece of advice for students is to avoid accumulating more debt.

There will be time to invest once you’ve graduated and have started earning an income, but it is best to “contain your debt to your student loans, if you have student loans. If you’re able to save a little bit, I think that’s great,” says Rob. If possible, he suggests keeping an emergency fund in a high interest savings account. This is a risk-free place to park your savings and earn between 2 to 3% interest, so you have a cushion for when you need a new laptop or you get an expensive dental bill.

Investing as a student

Rob shares that it’s best to invest with money you won’t need in the next few years. This means that if you have not accumulated any debt, and you have money left over after you’ve paid for the essentials and contributed to an emergency fund, you could invest that cash. “In order to have almost a guaranteed great outcome from stock market investing, you have to have a 10-year horizon. Less than that, you’ve got to think about saving and keeping your money safe,” says Rob.

As a student, Rob advises avoiding paying extra fees associated with banking and investing alike. Nowadays, there are lots of options available to you. So, do your research, and make sure you are making an informed decision when choosing who to trade with.

Lastly, it’s also okay to start small when it comes to investing, even as little as $10 will help you get started.

Job searching as a new graduate

“How many of you guys are getting close to graduating?” Roma asks. About half the room raises their hand.

Roma shares that on Stress Test, they talk about how to build and start careers. This includes what to negotiate when it comes to job offers. “One of the best things you can do is negotiate things that are feasible,” says Roma.

Salary can be negotiated, but “benefits can be worth thousands of dollars,” says Rob. Things like dental work, medical care, mental health support, physiotherapy and massage can cost hundreds, sometimes thousands of dollars, and having benefits can save you from paying out of pocket.   

One student in the audience shares that they currently have two job offers on the table: one offers a lower salary with a better projected career growth, and the other offers a higher salary and better benefits, but less projected career growth.

Roma asks, “which one are you more excited about?”

If you find yourself in this scenario, especially in this financial climate, Rob suggests asking yourself some important questions. For example, is this the career you want? The answer can help determine whether career growth is a worthwhile focus when evaluating offers. Additionally, consider whether you have debts to pay off. If so, a higher salary can help you lower that debt at a faster rate.

To learn more about these topics from Rob and Roma, visit The Globe and Mail’s website and subscribe to the Stress Test podcast.

You reach for your phone. *TAP* Instagram, a welcome distraction. An ad lands on your FYP: 

“High quality, affordable essays. Quick turnaround. Guaranteed plagiarism-free. 100% satisfaction or your money back. Get a quote NOW!”  

*TAP* 

The company’s website looks professionally designed and their writers all have graduate degrees. A pop-up window appears: 

Need help with an assignment? Our experts are ready to chat with you. 

Is this…cheating? Maybe? No, it definitely has to be. But everyone must cheat at some point, right? How are they all keeping up with this workload? And it’s just anthropology; it’s not like it’s your major. And it’s plagiarism-free. No one will ever know. 

*TAP* 

What is contract cheating?

An evolving “business.” The scenario above describes what is known as “contract cheating“—hiring a third party to complete your academic work—and is in direct violation of McMaster’s Academic Integrity Policy. It also alludes to some of the reasons why students are driven to such violations and the explanations they may give for their actions. 

Contract cheating is often associated or even conflated with the term “essay mill,” which conjures the image of a factory full of wage labourers churning out countless papers day after day. Although essay mills make up a good portion of contract cheating outfits, there are also contract cheating services that are just as happy to complete an entire course for you—attending class for you and taking quizzes, midterms, exams, etc. 

Because contract cheating involves individuals and companies external to McMaster, this category of academic dishonesty has a unique set of risks and consequences. In fact, getting caught might be the least of your worries after hiring what Kristina Nicholls calls “unscrupulous gremlins.” Nicholls and others argue that blackmail and extortion represent new income streams for contract cheating providers, who have no problem threatening to expose students to their home universities unless they pay up. 

Once you’ve provided enough personal information, your academic reputation is completely at the mercy of these companies and websites, which may very well not live up to any of the promises they make about quality or timeliness. Allowing contract cheating employees to attend class or take tests on your behalf typically requires you to share your student login credentials, which is another point of vulnerability and a serious breach of university security policy. 

The bottom line is that once you’ve crossed this ethical threshold, there is no incentive for contract cheating companies to give you anything. Forcing you to buy their silence is simply more cost-effective. 

Just say no? Easier said than done. 

As with any type of academic integrity issue, being honest and doing your own work are surefire ways to stay out of trouble. However, research shows that even when students acknowledge that cheating is unethical, there are factors that may cause them to act against their better judgement. 

In a recent Canadian survey, the top three justifications for academic dishonesty were related to pressures around workload and performance. These reasons are similar to those given by a group of Australian students when asked why they would choose to hire a contract cheating company. Researchers have also identified that international students may be more likely to engage in contract cheating, possibly due to the added stress of maintaining academic standing to meet study permit conditions. 

So, how do you resist the appeal of what might appear, in desperate times, to be a quick and simple solution? 

How we can support you

Seeking out and leveraging the supports available to you at McMaster is the first step toward protecting yourself against the predatory practices of contract cheating companies. The Student Success Centre’s programs and services can help you develop productive habits that will contribute to a strong academic foundation. 

These are a just a few ways the SSC is here to support you from feeling that cheating is the only way to keep up with your work: 

1. Book an appointment on OSCARplus with an Academic Peer Mentor, Academic Coach or Writing Advisor. 
2. Check out our library of Writing and Academic Skills Essentials videos. 
3. For international students, visit the International and Exchange Student Experience office for a drop-in appointment. 

In addition, understand the process for missed academic work (MSAF), and connect with an Academic Advisor if you feel that your course load is unmanageable. Also, the Student Wellness Centre offers professional counselling and a variety of programs that can help you manage stress and improve your overall mental health.

For more information on academic integrity at McMaster, visit the Office of Academic Integrity’s website.

References 

Better Business Bureau. (2024, July 23). BBB scam alert: Cheating on homework leads to extortion scam. Better Business Bureau. https://www.bbb.org/article/news-releases/24032-bbb-scam-alert-students-hire-homework-help-and-end-up-in-extortion-con 
 
Bretag, T., Harper, R., Burton, M., Ellis, C., Newton, P., Rozenberg, P., Saddiqui, S., & van Haeringen, K. (2018). Contract cheating: a survey of Australian university students. Studies in Higher Education, 44(11), 1837–1856. https://doi.org/10.1080/03075079.2018.1462788 

Chow, H. P. H., Jurdi-Hage, R., & Hage, H. S. (2021). Justifying academic dishonesty: A survey of Canadian university students. International Journal of Academic Research in Education, 7(1), 16-28. https://doi.org/10.17985/ijare.951714  
 
Immigration, Refugees and Citizenship Canada. (2024, September 18). Study permit conditions. Government of Canada. https://www.canada.ca/en/immigration-refugees-citizenship/services/study-canada/study-permit/while-you-study/study-permit-conditions.html 
 
Nicholls, K. (2021, November 30). Students who cheat don’t just have to worry about getting caught. They risk blackmail and extortion. The Conversation. https://theconversation.com/students-who-cheat-dont-just-have-to-worry-about-getting-caught-they-risk-blackmail-and-extortion-172403 

Sutherland-Smith, W., & Dullaghan, K. (2019). You don’t always get what you pay for: User experiences of engaging with contract cheating sites. Assessment & Evaluation in Higher Education, 44(8), 1148–1162. https://doi.org/10.1080/02602938.2019.1576028  

 Yorke, J., Sefcik, L., & Veeran-Colton, T. (2020). Contract cheating and blackmail: a risky business? Studies in Higher Education, 47(1), 53–66. https://doi.org/10.1080/03075079.2020.1730313 

Seasonal employment refers to temporary jobs with pre-determined end dates. Many employers require additional help at certain times of the year, often during the winter holiday season and over the summer. Seasonal positions help to fill this need. 

Employment options will vary based on the time of year. In the fall and early winter, you may find opportunities with farmer’s markets, malls, retail and grocery stores, garden centres, event and catering services, banquet halls, service areas (tailors, salons, party rentals/party rooms) and more. Some examples of roles include servers, cashiers, catering, customer service, greeters, stocking, merchandising and many more. 

The benefits of seasonal employment 

• Earn money over a fixed period — this can be a great way to build up your savings. 
• Gain valuable experience to add to your resume. 
• Expand your professional network. 
• Open the door for future opportunities. Did you know that some companies may contact you directly for future seasonal positions? So, getting a job this winter could also result in a summer job. 

 How to be successful in your job search 

1. Search for roles related to your specific skills. You can also tap into your hobbies and interests.  
2. If you plan to job search in person, dress as if you were going in for an interview. 
3. When introducing yourself, give yourself time and be prepared, as they may ask you to interview on the spot.  
4. When you go to a store or business, ask if the manager, assistant manager or staff involved in hiring is available to discuss your application. 
5. You may be asked to drop off your application if no one is available. Follow up in a few days to ensure an appropriate staff member has received your resume. 
6. Some employers have specific application forms for you to fill out. These may be available on their website. 
7. In your application, describe your relevant experiences in addition to providing a resume. Experiences could be related to employment, academics, volunteering and so on. 
8. Specify if you’re available part-time or full-time based on your schedule. Include weekends, as they may be high-demand periods for employers. 

Locations to consider 

• Canadian Tire 
• Giant Tiger 
• Retail stores  
• Local malls  
• Hardware stores 
• Garden Centres 
• Ancaster businesses 
• Dundas businesses 
• Westdale businesses 

Tip: Many stores and companies will post signs in their storefront.  

Resources and support 

• Resume and cover letter support: Book an appointment with a trained peer leader on OSCARplus, under Student Success Centre > Appointments > Career Counselling and Job Search Coaching. 
• Career drop-ins: Meet with our careers team and ask about careers, employment, further education or experience building. Available Tuesdays, 1:30 p.m. to 4:00 p.m., in Gilmour Hall 110. 

After four years, I learned a lot and I hope this advice helps you through your own journey. I encourage you to go out there and explore the academic services the Student Success Centre has to offer.

Destiny (she/her) is a program support assistant for the Student Success Centre’s (SSC) Academic Skills Team. She is in her fifth year of the Psychology, Neuroscience & Behaviour program here at McMaster University. Outside of school, she loves creating digital art, reading and spending time with friends and family.