Students are shown at Dawson College in Montreal, Monday, August 23, 2021. Inflation is driving more post-secondary students to stay home with their parents as they complete school, a poll by RBC shows.THE CANADIAN PRESS/Graham Hughes
TORONTO – Inflation is driving more post-secondary students to stay home with their parents as they complete post-secondary school than a decade ago, a poll by RBC shows.
The survey, conducted by Ipsos online between June 29 and July 12, shows almost half of the respondents, or 47 per cent, say they will be living with their parents this school year, compared with 36 per cent in 2013.
The RBC post-secondary students and financial readiness poll, which surveyed 1,000 people aged between 18 and 29, says more students are relying on their parents for financial support – about 43 per cent, as opposed to 29 per cent 10 years ago.
Jason Storsley of the youth and young adult team at RBC says students aren’t just relying on their parents for financial help but also getting the help to develop financial goals.
The report says 45 per cent students expected to graduate with up to $20,000 in debt, a jump from 30 per cent in 2013.
The poll cannot be assigned a margin of error because online surveys are not considered truly random samples.
This report by The Canadian Press was first published Sept. 6, 2023.
