Amid economic uncertainty, a recent TD Bank survey has shed light on the financial struggles faced by Canadian students. The findings reveal a concerning reality where nearly half of students are grappling with the inability to meet their fundamental needs like food and housing.
Key points from the survey:
- 45% of Canadian students admitted that they are unable to adequately cover basic needs.
- 65% of students consider themselves financially unstable.
Despite recognizing their financial challenges, the survey highlighted some interesting insights into the financial habits of students:
- 64% of students reported having a budget to keep track of their expenses, but only 41% claimed they could consistently stick to it.
- On the parental front, 94% of parents of post-secondary students acknowledged providing some form of financial assistance to their children, with 58% offering substantial support.
The survey, conducted online from July 26 to August 4, included responses from 514 post-secondary students and 515 parents of students enrolled in post-secondary education. It is important to note that online polls like this one do not provide a margin of error due to the non-random nature of the sample.
In conclusion, the survey results underscore a challenging financial landscape for many Canadian students. The findings serve as a poignant reminder of the importance of addressing financial literacy and support systems to ensure the well-being of students pursuing higher education. It is crucial for stakeholders to work collaboratively to develop sustainable solutions that alleviate the financial burdens faced by students and promote a more financially secure future for the next generation.
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