According to the Royal Bank of Canada's (RBC) 2023 Post-Secondary Students and Financial Readiness Poll, these rising costs are pushing a growing number of students to lean on their parents for both housing and loan support.
A whopping 47% of students are opting to live with their parents this school year, a significant uptick from the 36% that did so a decade ago.
Additionally, 43% are hoping their parents can help foot the bill for their financial needs, a jump from the 29% who felt the same way in 2013. But it's not just about money. These students are also seeking mentorship from their parents.
Now before you go bemoaning these "spoiled brats" and start ranting about how "back in your day" you paid for everything yourself, you should know these students aren't simply calling on the bank of mom and dad for some extra cash; they're actively engaging in conversations about setting and achieving financial goals.
"Family conversations about money are invaluable. And in our social media age, it's great to see this family connection remains as strong as ever," Jason Storsley, RBC's senior vice president of Everyday Banking and Client Acquisition, explained.
Nearly all post-secondary students, or 96%, admit they're not exactly financial wizards.
Many students are also taking the initiative to manage their own finances, with 49% juggling part-time jobs while studying.
Others are trimming non-essential expenses, with 47% tightening their belts. And a commendable 45% are preparing budgets and sticking to them.
Post-graduation plans are evolving too, with many students choosing to delay milestones such as getting married and having kids to ensure a more stable financial future.
Still, even with all this early onset adulting going on, things remain tough for Zoomers. A concerning 45% anticipate graduating with a debt of up to $20,000, a significant increase from the 30% in 2013. Although, a majority are optimistic about clearing this debt within three years.
Heading back to school in Canada this fall? Don't forget to cash in on those student perks and discounts! Whether you're flying with Air Canada, jamming on Spotify, or shopping at Apple, your student ID is your golden ticket to savings.
This article's cover image was used for illustrative purposes only.