Majority (53%) of Canada’s Post-Secondary Students Claim Financial Independence, Yet Over Three-Fifths (62%) Concede They Won’t Make It Through the School Year Without Financial Help from the Bank of Mom and Dad

Toronto, Ontario, August 27, 2024 — A recent Ipsos poll conducted on behalf of Simplii Financial uncovers some challenges and inconsistencies with respect to perceptions of financial independence among Canada’s post-secondary students. For starters, a majority (53%) of post-secondary students claim to have achieved financial independence yet three-fifths (62%) concede they won’t be able to make it through the upcoming school year without financial help from their parents or other family members and almost half (45%) admit the earnings from their summer employment won’t cover the school year without any shortfalls. Additionally, just one in ten (10%) assign themselves an “A” grade on financial independence, though even fewer (6%) think they are failing (“F”) on this metric. At one in three (32%) the highest proportion are assigning themselves a “C” grade on financial independence.

Overcoming financial deficits during the school year without help from loved ones might not be easy, for Canada’s post-secondary students, as a majority (55%) concede it will be difficult to secure part-time employment during the school year. What’s more, around the same proportion (57%) expect it to be challenging to find summer employment, co-ops, or internships following the next school year. 

Irrespective of where they land on financial literacy or independence, most of Canada’s post-secondary students are demonstrating fiscally responsible behaviours, with over three-quarters reporting that they track spending (78%) and understand the intricacies of credit scores (80%) and/or credit card interest (76%). For many, their upbringing may have helped instill these fiscally responsible behaviours, as evidenced by the fact that three in five (60%) feel their financial education has prepared them well, for adulthood. What’s more, around two-thirds (64%) consider themselves to be financially literate and three-quarters (75%) would describe their parents as being the same, yet three-fifths (60%) are dismissive of the financial literacy of their peers, indicating that they think this group is struggling in this area.

About the Study

These are some of the findings of an Ipsos poll conducted between July 26 and 30, on behalf of Simplii Financial. For this survey, a sample of 400 Canadian post-secondary students aged 18+ were interviewed online. Sample was source from the Ipsos panel. Data was weighted by Canadian region, in accordance with Census proportions. The precision of Ipsos online polls is measured using a credibility interval. In this case, the poll is accurate to within ±6.0 percentage points, 19 times out of 20, had all Canadian post-secondary students been polled. The credibility interval will be wider among subsets of the population. 

For more information on this Factum, please contact:
Sean Simpson
Senior Vice President, Ipsos Public Affairs
[email protected]
James Cottrill
Senior Account Manager, Ipsos Public Affairs
[email protected]

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