TORONTO — As post-secondary students gear up for the school year, a new TD survey finds financial stress is weighing heavily on nearly all of them. An overwhelming 92 per cent of Canadian students report being worried about money, compared with 65 per cent of the general population.
The biggest source of stress? Social spending. Nearly one in three students (31 per cent) say costs tied to eating out, concerts, travel, and staying connected with friends cause them the most financial strain — more than double the rate among other age groups. Tuition (26 per cent), housing (22 per cent), and groceries (21 per cent) also ranked high.
Despite many already holding credit cards, 37 per cent of students admit they don’t understand how credit scores work, and 83 per cent haven’t checked their own. Only 11 per cent feel financially stable.
The findings echo a broader Equifax report showing younger Canadians face mounting debt and rising delinquency rates. Millennials under 36 now carry an average non-mortgage debt of $14,304, with late payment rates climbing nearly 20 per cent over the past year.
“The affordability crisis seems to be hitting younger consumers the hardest,” said Rebecca Oakes of Equifax. “Between rising costs, employment uncertainty, and limited access to affordable credit, many are struggling just to stay afloat.”