The majority of post-secondary students in Ontario are stressed about their finances heading into the school year, a new survey found.
The survey from TD Bank, which collected data from post-secondary students across the country, found that 92 per cent of all respondents in Ontario are stressed about their finances.
“The survey was clear that our students are experiencing a lot of stress, which is a bit unique from previous generations because of the multitude of factors that are just hypersensitive at this point, with higher unemployment, higher cost of living, higher tuition,” says Joe Moghaizel, vice-president of everyday advice journey at TD.
The survey found that while 78 per cent of Ontario parents believe their child has experienced financial stress in the past three months, that figure was well below the actual number of 92 per cent.
“What’s interesting is the amount of pressure and stress that they’re currently facing and feeling, and the disconnect between what their parents believe they’re experiencing,” Moghaizel says. “Parents were not aware of the amount of stress that the students are feeling.”
Moghaizel pointed to a number of things leading to this financial pressure, including the high cost of living and high rate of unemployment among young people in a difficult job market, leading to many students to have what he called a volatile income.
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The survey also found that Ontario had the highest percentage of students stressed about tuition costs at 35 per cent, compared with an average of 26 per cent in other provinces.
The government of Canada estimates it will take almost 10 years for the average student to pay off their student loans and the total student loan debt in Canada surpassed $23.5 billion in 2022.
“You go back to over two decades ago, when I was in school, the financial pressures that students deal with now are significantly higher because tuition is a lot more expensive and the cost of living is more expensive, and inflation has really taken a bite at students,” Moghaizel says.
Another key takeaway from the survey was that 36 per cent of all respondents found that social spending stressed them out the most.
Moghaizel says the social pressure speaks to the online environment that students find themselves in today, where everything they do is shared online.
“They all feel the pressure to spend and keep up, which, again, it’s not too dissimilar from other age groups and we’re keeping up with the Joneses and just keeping up with the spending habit of your circle creates a bit of pressure,” he says.
Moghaizel says this can leave post-secondary students feeling ill-equipped to manage their finances better.
Despite the concern, Moghaizel hopes this information is not discouraging to students and is an opportunity to start establishing good financial habits early in life.
He said that with societal pressures, it’s good for students to understand their needs versus their wants, and focus on prioritizing the necessities. Moghaizel says that through tracking their spending, students can see where all of their money is going.
“We want to make sure that we’re equipping students with the right understanding of financial knowledge for the products and services,” Moghaizel says.
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