A new poll, released Monday by CIBC, indicates that  87 per cent of post-secondary students in Canada are experiencing one or more financial concerns including how tuition and living expenses will be funded next term. 

The poll also found that 68 per cent indicate their income would be impacted by the pandemic, compared to 36 per cent of adult Canadians. With the economic disruption from COVID-19, 35 per cent of post-secondary students said they no longer have a job placement or summer job this year, and 33 per cent have lost income due to a reduction of work hours. 

It also found that 51 per cent of students worry about being unable to attend school next year and 73 per cent worry about the impact of COVID-19 on their current finances and 70 per cent worry about their long-term financial situation.

“The effects of COVID-19 have significantly disrupted students from being able to keep their summer jobs or finding new employment opportunities. It’s a very difficult time for this group, as so much of student life is about planning for the future,” said Jamie Golombek, Managing Director, Tax and Estate Planning, CIBC and co-author of the ‘Post-Secondary Education Budgeting In The Era of COVID-19’ report. “While the uncertainty of the job market may feel overwhelming, there are things students can do right now to take control of their current personal finances, and better position themselves for the coming year.”

Here are five things the CIBC said students can do to help achieve their goals in times of financial uncertainty:

  • Stay on top of personal finances. Having an understanding of saving and spending habits is important, and the vast majority (80 per cent) of Canadian post-secondary students claim to have a very good or good understanding of their personal finances;
  • Revisit your budget. 81 per cent of students adhere strictly or somewhat strictly to a budget and since the start of COVID-19, 71 per cent have reviewed their budget;
  • Set up – or boost – your emergency fund. With close to one in four (38 per cent) not having an emergency fund, the pandemic has revealed how critical having one is when it comes to paying for fixed expenses at times of economic uncertainty. With most students putting a pause on travel (55 per cent) vacations (42 per cent) or large purchases (31 per cent) – reallocating those discretionary dollars to an emergency fund can help bring financial peace of mind;
  • Explore financial support options. Of those surveyed, nearly half (46 per cent) have applied for federal student programs such as the Canadian Emergency Student Benefit or Canadian Emergency Response Benefit. Among those who have sought support, more than 9 in 10 (94 per cent) found the government relief helpful. Looking ahead to the fall semester, students say they’ll be turning to scholarships or bursaries (35 per cent), part-time employment (32 per cent) and more help from family (29 per cent); and
  • Talk to an advisor. Knowing where to go for good advice can be difficult, but the survey suggests that 75 per cent of students agree that financial advice is more important than ever. Many turn to family and friends (58 per cent) and to online research (41 per cent), and only 13 per cent rely on a financial advisor. The most common guidance they are seeking is: general financial advice (48 per cent), savings (44 per cent) and tips and tools on managing a budget (34 per cent).