HALIFAX- As Canadian higher education institutions prepare to reopen, reports indicate growing financial stress and anxiety among students. Sharply rising tuition fees, housing costs, and food prices are driving students into crisis across campuses, including Saint Mary’s University in Halifax.
According to a new study by TD Bank, financial stress is negatively impacting the mental health and academic performance of 76 percent of post-secondary students in Canada. Twenty percent reported being more stressed about money than their studies. First-year students at Saint Mary’s University highlighted the struggle to cover rent and food expenses alongside their education costs.
Liza Zahid, president of the Saint Mary’s University Students’ Association (SMUSA), described the situation of students struggling to balance academic demands with basic living needs as dire. Many are forced to make impossible choices between buying food, purchasing textbooks, or paying tuition. In response, student organizations are taking steps to help, including offering free grocery programs. With undergraduate tuition fees in Canada climbing past $10,000, financial experts emphasize that developing strong budgeting and financial planning skills has become essential.
