It’s no secret that Canada is in the middle of a cost-of-living crisis, but what often gets overlooked is just how deeply this is hitting the country’s college and university students. A new CIBC poll lays it out plainly: nearly half of post-secondary students admit they can’t cover their expenses without leaning on parents or outside support. That should be a wake-up call.
This isn’t just about students being “bad with money” or spending too much on coffee runs. The reality is that rent, groceries, transportation, and basic social activities have all become unaffordable. Even after a summer that was supposed to help students save through part-time jobs, many were left scrambling, as economists described the summer job market as “brutal.”
The result? A generation of young Canadians entering higher education with financial stress already weighing them down. The poll shows 78 per cent of students plan to work during the school year, and more than half expect to rely on student loans. Yet, despite all their efforts, almost half still feel too dependent on their parents.
Of course, students aren’t sitting back helplessly. Many are cutting costs wherever possible: drawing up budgets, redeeming student discounts, using loyalty cards, and even slashing social spending. Some are moving back in with family just to make ends meet, while others are applying for scholarships, buying used textbooks, and turning to coupons. These are creative solutions, but let’s be honest they’re also survival tactics.
The bigger question is this: should we really expect students, who are supposed to be focusing on education and building their futures, to live like this? Higher education is already a pressure cooker of deadlines, exams, and career uncertainty. Add crushing financial stress on top, and it’s no wonder so many students are struggling with mental health.
Canada prides itself on investing in the future, but if students are barely scraping by, how much “future” are we really supporting? The cost of living crisis isn’t just squeezing young people it’s shaping the kind of adults they’ll become. If we don’t address it now, we’re setting them up for a lifetime of financial anxiety.
The CIBC poll is more than just numbers on a page. It’s a mirror showing us that Canada’s students are drowning in costs and it’s time we stopped pretending they can keep treading water on their own.
