Canada NewsWire
TORONTO, July 6, 2020
Income disrupted for over two-thirds of Canadian students with half worried about being able to attend post-secondary school this fall
TORONTO, July 6, 2020 /CNW/ - A new CIBC poll has revealed 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. 68 per cent of those polled 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. As a result:
"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," says 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 students can do to help achieve their goals in times of financial uncertainty:
Tools like the CIBC Student Budget Calculator can help students reassess their fixed and discretionary expenses as income fluctuates.
Information and support programs can be found online at the CIBC Student Support Centre.
"Every student's financial situation is unique and it can be overwhelming to manage current finances while also thinking ahead to next year and beyond, and yet it's important to do both," says Golombek. "Seeking expert advice and taking concrete actions can help build financial confidence even during times of financial uncertainty."
Disclaimer
From May 22nd to May 27th 2020 an online survey of 1,053 Canadian post-secondary students who are Maru Voice Canada (Maru Voice Canada) panelists was executed by Maru/Blue. For comparison purposes, a probability sample of this size has an estimated margin of error (which measures sampling variability) of +/- 2.9%, 19 times out of 20. Discrepancies in or between totals are due to rounding.
About CIBC
CIBC is a leading Canadian-based global financial institution with 10 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets businesses, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world. Ongoing news releases and more information about CIBC can be found at www.cibc.com/en/about-cibc/media-centre.html.
SOURCE CIBC
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