In a poll conducted by RBC, 64 per cent of post-secondary students plan to live away from home while attending school this fall despite the expected 50 per cent increase in cost of living compared to those remaining at home.
Of those students living away, 83 per cent are confident in their ability to manage their finances.
“For many students, post-secondary school is the first time that they are responsible for managing their own expenses,” said Melissa Jarman, director, Student Banking, RBC. “Armed with a budget and an interest in learning, many of these students are gaining a strong foundation out of the gates that can have a significant impact on their financial future.”
While students who live away expect to take on 40 per cent more debt than their peers who live at home ($30,800 compared to $22,000), the poll found both groups expect to pay back debt in a similar timeframe. Those who live away expect to take 4.8 years to pay back their debt while those who live at home expect to take 4.2 years.
“Whether you live at home or away, setting financial goals and sticking to them is important,” Jarman said. “The results from this poll highlight the fact that students want to take responsibility for their financial health and are looking to their trusted sources, including their parents, for guidance.”