Nearly half of Canadian students cannot afford basic needs such as food and housing, according to a recent survey.
The survey conducted on behalf of TD Bank Group and released Tuesday reveals that 65% of Canadian students define themselves as “unstable” financially, and 45% said they have difficulty meeting their basic needs such as food and housing.
More than a third (37%) compare their financial situation to that of others, and 28% feel inadequate compared to people who seem more financially secure than they are.
Better financial literacy
Of the students surveyed, 64% said they try to create a budget to track their monthly expenses, but only 41% are able to stick to it.
In fact, 61% of budgeters said they would like to learn more about financial planning. Nearly 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 primarily from social media like TikTok, Instagram and YouTube.
The survey also found that 94% of parents of post-secondary students provide financial support to their child, and 58% of them say they provide “significant” support.
The survey was conducted among 1,029 Canadian adults who were interviewed 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.
