Canadian students struggle to make ends meet

According to a recent survey, nearly half of Canadian students cannot afford their basic needs of food and housing.

A survey conducted on behalf of TD Bank Group and unveiled Tuesday revealed that 65% of Canadian students define themselves as financially “insecure” and 45% have difficulty meeting their basic needs such as food and accommodation.

More than a third (37%) compare their financial situation to others and 28% feel inadequate compared to people who are more financially comfortable than themselves.

Better financial literacy

Of the students surveyed, 64% said they try to create a budget to track their monthly expenses, but only 41% stick to it.

In fact, 61% of budgeters say they want to learn more about financial planning. Nearly half (46%) want 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 people (20%) get their financial advice mainly from social media like TikTok, Instagram and YouTube.

The survey revealed that 94% of parents of post-secondary students provide financial support to their children, and 58% of them 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 were currently enrolled in a post-secondary institution and 515 were parents of post-secondary students.