Kelowna 
Inflation is putting financial pressure on post-secondary students, resulting in a surge in dependence on parental support for both housing and tuition, finds RBC’s 2023 Post-Secondary Students & Financial Readiness Poll.
The study highlighted that 47% of students in 2023 will live with their parents, a notable rise from 36% in 2013. Moreover, 43% anticipate their parents will fund their education, as opposed to just 29% a decade earlier.
“It’s important to note, though, that these students aren’t just looking to their parents for financial support. They’re relying on their parents for help in developing their financial goals too,” explained Jason Storsley, who leads the Youth and Young Adult team at RBC as senior vice president, Everyday Banking & Client Acquisition in a news release.
RBC study finds that despite the challenges, students are proactively strategizing their finances, including: working part-time (49%), curtailing non-essential expenditures (47%), diligently preparing and adhering to budgets (45%), monitoring spending (45%), evading debt (40%), seeking student discounts (40%), and predominantly using cash or debit (25%).
Interestingly, while more students in 2023 (83%) aspire to homeownership post-graduation compared to 2013 (74%), 43% will postpone this for five or more years, a significant increase from the previous 25%. Additionally, while 66% plan to marry, up from 52% in 2013, those delaying it by five years has doubled to 40%.
RBC says 45% of students anticipate graduating with up to $20,000 in liabilities, a sharp rise from 2013’s 30%. Positively, 59% believe they can clear this within three years, in contrast to 2013’s 39%. Alarmingly, a vast 96% confessed their poor money-handling skills, and 88% recognized their need for enhanced financial education.
RBC 2023 POLL — 10-Year Comparison (2023 versus 2013)
| RESPONSE | 2023 | 2013 | |
| Will live at parents’ home while going to school | 47 % | 36 % | |
| Assume parents will take care of financial needs | 43 % | 29 % | |
| Rely on parents for help in developing financial goals | 69 % | 68 % | |
| Intend to buy a home more than 5 years after graduation | 43 % | 25 % | |
| Plan to get married more than 5 years after graduation | 40 % | 20 % | |
| Still have a lot to learn about managing finances | 88 % | 72 % | |
| Are much better at spending than saving | 54 % | 50 % | |
| Expect to graduate with debt ranging up to almost $20,000 | 45 % | 30 % | |
| Expect to pay back all student debt within up to 3 years | 59 % | 39 % |
RBC 2023 POLL – Selected Findings – 2023 National and Regional
| RESPONSE | NAT’L | BC | AB | SK/MB | ON | QC | AC |
| Will live at parents’ home while | 47 % | 45 % | 55 % | 47 % | 46 % | 52 % | 32 % |
| Assume parents will take care of | 43 % | 46 % | 42 % | 52 % | 44 % | 41 % | 37 % |
| Rely on parents for help in | 69 % | 67 % | 77 % | 72 % | 71 % | 60 % | 68 % |
| To manage finances while
| 49 % | 46 % | 53 % | 40 % | 51 % | 50 % | 46 % |
| 47 % | 54 % | 42 % | 39 % | 43 % | 52 % | 57 % |
| 45 % | 37 % | 54 % | 32 % | 46 % | 46 % | 48 % |
| 45 % | 48 % | 52 % | 42 % | 43 % | 44 % | 49 % |
| 40 % | 45 % | 47 % | 34 % | 39 % | 35 % | 43 % |
| 40 % | 47 % | 42 % | 30 % | 44 % | 32 % | 34 % |
| 25 % | 32 % | 23 % | 19 % | 28 % | 18 % | 30 % |
| Expect to graduate with debt | 45 % | 40 % | 41 % | 50 % | 48 % | 46 % | 43 % |
| Expect to pay back all their | 59 % | 55 % | 56 % | 58 % | 57 % | 66 % | 53 % |
The RBC 2023 Post-Secondary Student Financial Readiness Poll, undertaken by Ipsos from June 29 – July 12, 2023, interviewed 1,000 Canadian students aged 18-29 online while 2013 survey polled 1,107 students. RBC says results were weighted for gender and region to match Canadian census demographics. The poll’s accuracy is within ±3.3 percentage points for 19 out of 20 cases, though this varies for population subsets.
