Canadian students are struggling to cover their basic needs

(NC) A new survey of Canadian post-secondary students and their parents has revealed the challenges many Canadian students and parents are currently facing when it comes to funding post-secondary education.

Sixty-five per cent of students define themselves as financially unstable and nearly half are currently unable to adequately cover basic needs such as food and housing. Most of the students surveyed have some form of a budget to track their monthly expenses but less than half say they are able to follow it on a regular basis. Many students say they wish they knew more about budgeting and financial planning strategies, as well as savings and investment vehicles such as RRSPs and GICs. Interestingly, some students get their financial advice primarily from social media platforms such as TikTok, Instagram and YouTube.

“Our survey shows that many Canadian post-secondary students wish they knew more about budgeting and managing their finances, and it’s encouraging to see them interested in seeking advice,” says?Emily Ross, VP at TD. “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 individuals and their unique circumstances.”

Parental support

From the parents’ perspective, almost all parents of post-secondary students say they provide some level of financial support to their child, with more than half saying they provide a significant amount of support.

“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,” adds Ross. “We understand that it’s challenging when facing the financial pressures that come with post-secondary studies. Our team of certified professionals and budgeting tools can support parents and students who want to reprioritize their savings and successfully navigate the costs of higher education.”

Find tools and resources to budget for post-secondary education at td.com.