14 August: A recent survey conducted by Embark and Léger highlights that 82% of Canadian post-secondary students feel overwhelmed by the financial demands of their education. The poll reveals that over a quarter (26%) of students have contemplated leaving their programs due to financial strain.
The survey underscores that many students are struggling to balance the costs of their education with their living expenses. Key findings include:
- 64% of students rely on parental support to afford their education.
- 44% spend at least 75% of their total income on educational costs, not including food and living expenses.
- 43% would consider dropping out without parental financial aid.
Despite 75% of students receiving financial help from their parents, many are finding it increasingly difficult to manage. Nearly 48% of students currently have or expect to have student debt, with 33% having more debt than savings. Concerns about future debt are prevalent, with 49% of students anxious about the impact of their debt on their future.
The rising costs of education and living are causing 74% of students to struggle with affordability. More than half (52%) have cut back on necessities to cope with the expenses. In a tight job market, 64% of students work part- or full-time jobs, but 39% report that their grades have suffered due to financial pressures.
Embark President & CEO Andrew Lo highlights that 68% of students wish they had saved more before starting their education, emphasizing the need for early savings planning.
The survey also reveals that 66% of students believe student debt will hinder their financial independence post-graduation, with 41% planning to live with their parents longer due to debt. On average, students expect to graduate with $25,382 in debt, although the actual average is closer to $30,600.
To address these issues, the survey suggests that students should improve their financial literacy and research their educational options more thoroughly. Embark recommends parents forecast and save for educational costs early and maintain transparency about financial contributions to their children’s education.
The survey also highlights the complexity of the post-secondary education process, with 73% of students desiring more transparency and 69% wishing for better guidance in planning their education.
Embark aims to support students with resources to better manage their finances and navigate their educational paths more effectively.A recent survey conducted by Embark and Léger highlights that 82% of Canadian post-secondary students feel overwhelmed by the financial demands of their education. The poll reveals that over a quarter (26%) of students have contemplated leaving their programs due to financial strain.
The survey underscores that many students are struggling to balance the costs of their education with their living expenses. Key findings include:
- 64% of students rely on parental support to afford their education.
- 44% spend at least 75% of their total income on educational costs, not including food and living expenses.
- 43% would consider dropping out without parental financial aid.
Despite 75% of students receiving financial help from their parents, many are finding it increasingly difficult to manage. Nearly 48% of students currently have or expect to have student debt, with 33% having more debt than savings. Concerns about future debt are prevalent, with 49% of students anxious about the impact of their debt on their future.
The rising costs of education and living are causing 74% of students to struggle with affordability. More than half (52%) have cut back on necessities to cope with the expenses. In a tight job market, 64% of students work part- or full-time jobs, but 39% report that their grades have suffered due to financial pressures.
Embark President & CEO Andrew Lo highlights that 68% of students wish they had saved more before starting their education, emphasizing the need for early savings planning.
The survey also reveals that 66% of students believe student debt will hinder their financial independence post-graduation, with 41% planning to live with their parents longer due to debt. On average, students expect to graduate with $25,382 in debt, although the actual average is closer to $30,600.
To address these issues, the survey suggests that students should improve their financial literacy and research their educational options more thoroughly. Embark recommends parents forecast and save for educational costs early and maintain transparency about financial contributions to their children’s education.
The survey also highlights the complexity of the post-secondary education process, with 73% of students desiring more transparency and 69% wishing for better guidance in planning their education.
Embark aims to support students with resources to better manage their finances and navigate their educational paths more effectively.
