Inflation has caused nearly half of post-secondary students to rely on their parents for housing or funding their studies, according to a recent study released Wednesday.
According to the 2023 RBC survey, around 47% of respondents say that they will live with their parents during their post-secondary studies, while in 2013 only 36% had such a position.
Acceptance of financial support from parents has increased 14 points in ten years, while 43% of respondents (compared to 29% in 2013) believe their parents will meet their financial needs.
But beyond the possible support of their parents in financing their studies, the students surveyed said they have thought about how they can support themselves financially during their post-secondary education.
For example, almost half (49%) of students plan to work part-time during their studies, 47% of them plan to reduce non-essential expenses, while 45% plan to create a budget and monitor expenses.
Additionally, 45% of respondents said they expected to accumulate up to $20,000 in debt after college, compared to 30% who expected to have the same amount of debt ten years earlier.
“However, it is important to note that these students do not just look to their parents for financial aid. They also rely on them to help them set their financial goals,” said Jason Storsley, senior vice president, daily banking and customer acquisition at RBC.