How his dad's death from cancer forced this Hamilton teen to learn finances fast
Laura Howells | CBC News | Posted: June 13, 2019 12:07 PM | Last Updated: June 13, 2019
David Chung, 17, started Foundations of Finance event for local teens
David Chung had to learn about personal finances — fast.
He was just 15-years-old when his father died of cancer.
Along with the grief, the Grade 10 student suddenly had a whole new world of responsibilities.
His mother didn't speak much English, Chung said, so he had to help settle his father's estate, manage family bills and find ways to save money.
"I had to learn everything through trial and error," said Chung, now a Grade 11 student at Ancaster High School in Hamilton.
While other teens hung out with friends, Chung was going to the bank or calling the CRA — all while juggling schoolwork, a McDonald's job and two basketball teams.
It was a hard, "hectic" year.
Normally for high school students, "parents handle all the finances," said Chung, speaking on his school lunch break. "When my father passed away, I kind of had all those responsibilities."
Chung says he had a lot of help, but the experience made him realize how little teens learn about money management in school.
So he decided to help.
Last weekend Chung held his first annual "Foundations of Finance" event, a day-long workshop for high school students to learn financial literacy and money management.
Around 100 students attended the event, learning from industry professionals about topics like budgeting, debt management, investing and taxes.
Chung booked the speakers, did promotions and applied for funding, partnering with McMaster University's DeGroote School of Business, among other groups.
He wanted it to be fun and engaging for students, Chung said, since personal finance is usually a "boring topic."
"Students spend years in school ... preparing themselves for a high earning salary," Chung said. "But they fail to learn how to manage that money." When they enter adulthood, "it's a harsh reality."
Things have 'settled down'
His father's death was devastating and unexpected for Chung. But it also motivated him to accomplish his goals and make his father proud, he said.
Chung's dad immigrated from Vietnam by boat and "worked so hard" for what he has now.
Things have settled down for Chung lately. He helped his mother enrol in English classes, and after improving her language skills she now handles the family's financial tasks, he said. This year he could focus on the tough business of Grade 11 schoolwork in the International Baccalaureate program.
The first Foundations of Finance event was a success, he said — and he wants to make it even bigger next year. McMaster's School of Business also wants to stay involved.
"So many students come into university and they don't understand how to budget, how to pay for things, because they've never had to do this before," said Victoria Doidge, recruitment and admissions officer.
'I think he'd be really proud'
Chung has many interests and isn't sure what comes after high school — he's eyeing the Health Sciences program at McMaster.
For now he's looking forward to the summer, when he'll be doing the SHAD program in Saskatchewan then "work, work, work" at a summer job in August.
While he was "super stressed out" during the event last weekend, Chung got good feedback — a participant's mother even reached out to thank him.
"I realized that, ok, I brought something valuable and worthwhile to students, and to me, that was awesome," he said.
He also thinks often about his father — and how he'd be happy.
"After seeing me live up to my word and do what I [said I was going to] and make something big happen, I think he'd be really proud."