Canadian post-secondary students are struggling financially and relying on their parents to get by, according to details from a new survey.
The survey comes from TD Bank Group and found 65 per cent of students in post-secondary education are “financially unstable” and 45 per cent can’t cover food or housing.
It was also noted 64 per cent of students surveyed do have some sort of budget to track their expenses, but only 41 per cent can follow it.
Despite financial concerns, the survey found the majority of students do want to learn more about financial planning, but 20 per cent get their financial advice from social media.
“It’s encouraging to see them interested in seeking advice,” said Emily Ross, the vice president of Everyday Advice Journey at TD, in a news release. “That said, it’s prudent for students to exercise some caution when taking financial advice from certain sources on social media platforms, which are often unvetted and untailored to each individual and their unique circumstances.”
Parents of students were also surveyed, and almost all of them said they provide financial support for their kids, with more than half providing a “significant amount of support.”
The majority of parents also think their kids’ budgeting habits need to improve. The survey found parents want to see better spending habits, improved financial literacy, less reliance on parents, and use financial tracking apps.
“Coming out of the survey, we can see that Canadian parents recognize areas in their children’s financial knowledge and spending habits that could use some improvement.”
Maru Public Opinion conducted the survey on behalf of TD and randomly polled 1,029 Canadians – 514 post-secondary students and 515 parents with kids in post-secondary school – between July 26 and Aug. 4.
The survey has an estimated margin of error of ±4.3 per cent, 19 times out of 20.
More to come.