Sign in Subscribe
Universities and colleges

University Students Feel Financially Prepared for Upcoming School Year

Strategic Insights

— 2 min read

Canadian university students are feeling confident in their personal finances ahead of the new academic year, with many reporting that they are financially prepared and making savings a priority. The University of Waterloo and University of Toronto students are the most confident, with 50% and 47% of students respectively giving themselves an 'A' grade for their financial preparedness.

Key Takeaways:

  • 36% of students surveyed gave themselves an 'A' grade for their financial preparedness, with 50% of University of Waterloo students and 47% of University of Toronto students feeling most confident.
  • 46% of students surveyed gave themselves a 'B' grade for their financial preparedness, indicating a significant proportion of students feel somewhat prepared.
  • 41% of students budgeted over $5,000 for the upcoming school year, demonstrating a significant financial commitment.
  • 34% of students reported that they will fund their entire school year themselves, with University of Ottawa students being the most financially independent.
  • 80% of students with debt would be willing to give up beer for their entire undergraduate degree if it meant they would graduate debt-free.
  • Students' biggest concerns are focused on their performance and succeeding while at school, rather than personal finance.

Statistics:

  • 36% of students graded themselves an 'A' for their financial preparedness.
  • 50% of University of Waterloo students and 47% of University of Toronto students graded themselves an 'A'.
  • 41% of students budgeted over $5,000 for the upcoming school year.
  • 34% of students reported that they will fund their entire school year themselves.
  • 80% of students with debt would give up beer for their entire undergraduate degree if it meant they would graduate debt-free.
  • 64% of students currently have student debt.
  • 27% of students with debt said their debt load is over $10,000.
  • 43% of students reported having a no-fee chequing account.
  • 30% of students reported working full-time in the summer and part-time throughout the year.
  • 36% of students reported working either full-time or part-time in the summer but not during school.
  • 21% of students reported working part-time year round.

Sources:

  • *Survey methodology From July 23rd to August 4th, 2015, an online survey was conducted among 1090 Canadian University students age 18 to 25, who attend one of the 10 selected Universities.
  • Universities included: University of Toronto, York University, University of Western Ontario, University of Waterloo, University of British Columbia, University of Ottawa, Simon Fraser University, University of Alberta, University of Calgary, Dalhousie University, and McMaster University.
  • About Tangerine: Tangerine is a direct bank that delivers simplified everyday banking to Canadians.

Read more