According to a recent survey, almost half of Canadian students cannot pay for their basic needs, such as food and housing.
The survey conducted on behalf of the TD Bank Group and revealed on Tuesday shows that 65% of Canadian students define themselves as financially “insecure”, and 45% said they had difficulty meeting their basic needs such as food and accommodation.
More than a third (37%) compare their financial situation to that of others, and 28% feel inadequate compared to people who appear to be more financially comfortable.
Better financial literacy
Of the students surveyed, 64% said they try to create a budget to track their monthly spending, but only 41% are able to stick to it.
In fact, 61% of those who create a budget said they would like to know more about financial planning. Almost half (46%) would like to learn more about savings and investment vehicles such as registered retirement savings plans (RRSPs) and guaranteed investment certificates (GICs).
According to the survey, one in five students (20%) get their financial advice mainly from social media such as TikTok, Instagram and YouTube.
The survey also shows that 94% of parents of post-secondary students provide financial support for their child, and 58% say they provide “significant” support.
The survey was conducted among 1,029 Canadian adults surveyed from July 26 to August 4, 2024, of whom 514 are currently enrolled in a post-secondary institution and 515 are parents of post-secondary students.