Almost half of Canadian students unable to cover basic costs: survey

Almost half of Canadian students are not able to cover the costs of basic needs, like food and housing, according to a new survey from TD Bank.

The online poll found 45 per cent of students surveyed are falling short financially, with 65 per cent saying they’re “financially unstable.”

Many of the respondents say they have some form of a budget to track monthly expenses, but 61 per cent of those participating in the survey say they “wish they knew more about budgeting and financial planning strategies.”

One in five students primarily get their financial advice from social media, including platforms like Tik Tok and YouTube.

“When looking at it from the parents’ perspective, 94 per cent of parents of post-secondary students say they provide some level of financial support to their child, with 58 per cent saying they provide a significant amount of support,” TD Bank officials said.

TD wrapped up the survey’s findings by saying the areas that seemed to require the most work for students includes developing better spending habits, and having better financial literacy.

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