Majority of post-secondary students ‘financially unstable’ according to new survey
Canadian post-secondary students are struggling financially and relying on their parents to get by, according to details from a new survey.
The survey comes from TD Bank Group and found 65 per cent of students in post-secondary education are “financially unstable” and 45 per cent can’t cover food or housing.
The number is higher in the Prairies with 71 per cent saying they struggle financially.
It was also noted 64 per cent of students surveyed do have some sort of budget to track their expenses, but only 41 per cent can follow it.
Despite financial concerns, the survey found the majority of students do want to learn more about financial planning, but 20 per cent get their financial advice from social media.
“It’s encouraging to see them interested in seeking advice,” said Emily Ross, the vice president of Everyday Advice Journey at TD, in a news release. “That said, it’s prudent for students to exercise some caution when taking financial advice from certain sources on social media platforms, which are often unvetted and untailored to each individual and their unique circumstances.”
Parents of students were also surveyed, and almost all of them said they provide financial support for their kids, with more than half providing a “significant amount of support.”
The majority of parents also think their kids’ budgeting habits need to improve. The survey found parents want to see better spending habits, improved financial literacy, less reliance on parents, and use financial tracking apps.
“Coming out of the survey, we can see that Canadian parents recognize areas in their children’s financial knowledge and spending habits that could use some improvement.”
A breakdown of the numbers for the Prairies shows 96 per cent of parents in Alberta, Saskatchewan and Manitoba are helping pay for post-secondary, with almost 80 per cent saying it means they can’t meet basic needs or afford extra activities – this stat is the highest in the country.
The survey also found 43 per cent of students don’t have a job to help pay for school or other expenses.
Meranda Hamilton, a budgeting expert with TD, said the best advice she can give to parents is it’s never too early to start saving for school.
“You can talk to a financial advisor when your kids are young. Get started on putting money aside into RESPs to save. You can talk about options for financing their post-secondary education,” said Hamilton.
She noted there are also options for students who are already in school and are looking to go further in their education, such as in the medical field.
“When it comes to advice for parents and students together, I will say have the conversation together. We’ve seen some really great trends this year on social media where Gen Z are doing things like loud budgeting and the no-buy challenge. So they’re really engaged in destigmatizing these conversations. I think the time is right to talk about them right before they start school.”
Maru Public Opinion conducted the survey on behalf of TD and randomly polled 1,029 Canadians – 514 post-secondary students and 515 parents with kids in post-secondary school – between July 26 and Aug. 4.
The survey has an estimated margin of error of ±4.3 per cent, 19 times out of 20.
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