Nearly every post-secondary student in Ontario now feels the pinch of financial anxiety, according to a new survey that underscores the growing divide between students’ reality and parental perception.
TD Bank’s latest data leaves little room for doubt: 92% of Ontario’s post-secondary students are stressed about their finances as the academic year begins. The numbers reveal a generational shift, where rising tuition fees, spiking cost of living, and a turbulent job market have combined to squeeze students harder than ever. According to Joe Moghaizel, vice-president of everyday advice journey at TD, these pressures are “significantly higher” than what previous generations faced, driven by costly education and persistent inflation.
Parents, it seems, are partially in the dark. While 78% think their children are financially stressed, the real figure is much higher. Moghaizel points to a disconnect, noting parents underestimate the intensity of the strain. This gap in understanding means students often battle stress alone, navigating a landscape where stable employment is elusive and income streams are unpredictable.
The survey highlights that Ontario students feel the sting of tuition more acutely than peers elsewhere in Canada. Over a third cited tuition as their top financial stressor, compared to a national average of 26%. Meanwhile, the weight of student debt looms: federal estimates suggest it can take close to a decade to pay off loans, and Canada’s student debt hit $23.5 billion in 2022.
But it’s not just the visible expenses. Social pressures compound the problem, as 36% of respondents said social spending—not just rent or groceries—causes major stress. Moghaizel attributes this to the “online environment,” where comparison with peers becomes relentless and the pressure to keep up drives unhealthy spending habits.
For those seeking relief, the advice is clear: build better financial habits early. Tracking spending, distinguishing wants from needs, and boosting financial literacy are more essential than ever. Students are urged to confront these realities head on and use every tool available to build resilience for the years ahead.
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92% of Ontario post-secondary students stressed about money, survey finds
