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Juggling the cost of tuition, books, rent and food

Learning to manage finances is a skill that is becoming increasingly necessary as students juggle the cost of tuition, books, rent, food and social outings. An RBC/Ipsos Reid Poll found that the majority of post-secondary students (57 per cent) say they plan to work during the school year in order to help pay the bills. However, three-quarters of students (77 per cent) believe working part-time during school will impact their grades, while six-in-10 expect to graduate with debt and 74 per cent don’t use a budget. Debt after graduation is no longer just a possibility, but a harsh reality for many students. RBC and Ipsos Reid conducted the survey to better understand how post-secondary students feel about finances and managing money. Some interesting findings include:

• 66 per cent of students feel that worrying about money will have an impact on their grades

• 74 per cent don’t use a budget and 60 per cent expect to graduate with debt
• 59 per cent of students who are already planning to work would consider looking for more hours or another job if money was tight

• 44 per cent of students who do not plan to work part-time are more likely to rely on their parents for financial assistance

RBC is also helping students save for the things they need and want by giving away $1,000 a day to one lucky student across Canada, offering no-fee banking and credit cards, and providing students with online tools such as myFinanceTracker to help manage finances.

Poll findings and student videos at: http://smr.newswire.ca/en/royal-bank-of-canada/university-students-rbc-poll.

Posted: Oct 16, 2010

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