With grocery prices rising and housing becoming increasingly unaffordable, some students are struggling to make ends meet as they head back to school. In fact, a recent CIBC poll found that the struggling job market coupled with an ongoing precarious economic situation, has led to close to half (48 per cent) of Canadian post-secondary school student feeling unsure about their ability to cover all expenses.

Understanding the stats

The CIBC pool included 500 students between ages 18-25, of which 48 per cent of Canadian respondents reported precarious financial situations. Of the respondents, 49 per cent were from Ontario, with the remaining 51 per cent from Quebec, Alberta, British Columbia, Manitoba, Saskatchewan, and Atlantic. CIBC aimed to accurately represent Canadians of various ages, religions, and gender identities. 

Coping with financial stressors

It comes as no surprise that the top costs that students face include housing costs, groceries, entertainment, and transportation. To fund these costs, a large percentage of respondents (around 48 per cent) reported feeling overreliant on the financial respite provided by their parents. Still, 78 per cent have plans to pursue paid employment during their academic term and 53 per cent will be making use of student loans to pay their expenses. Frank Psoras, Executive Vice-President, Personal Banking Products and Payments, CIBC, mentioned that in addition to finding means of creating additional income, students are finding unique ways to budget “and reducing non-essential spending.”

How are students adopting budgeting tools?

The CIBC poll results narrowed down the budgeting techniques students are using into four main categories, including, reducing living costs, cutting back on discretionary costs, reducing spendings, and finding ways to reduce overall costs of education. 

When discussing means of reducing living costs, 45 per cent cited using coupons or buying lower-cost brand products and 40 per cent reported living at home. 

Regarding reducing discretionary costs, 49 per cent described avoiding nonessential activities and 36 per cent emphasized staying at home more often (rather than going out to spend money).

When it comes to reduced spending in general, 55 per cent of students are making use of creating a budget plan, 36 per cent are using student discounts when available, and 32 per cent have been using loyalty cards. 

Finally, given how expensive postsecondary education can be, it makes sense that finding ways to make education more affordable would be on the list. To support reduced spending in the academics category, 35 per cent of students have been applying for scholarships and 24 per cent have opted to buy second-hand textbooks.

It’s also worth noting that 92 per cent of students reported making use of digital budgeting apps as their main tool in managing their finances. As a generation well-versed in the realm of tech, today’s students are busier than ever – digital financial tools have become key to managing money quickly and effectively.

Resources for support at UW

If you’re struggling financially to the extent you’ve been skipping meals to afford your rent or tuition, keep in mind that UW offers many different kinds of support to help students struggling financially. WUSA offers a free food support service for UW community members that contain both food and hygiene products if you’re grappling with food insecurity. Visit their hamper request form to submit a request for a hamper. Hampers can be picked up at the SLC turnkey desk and up to four hampers can be requested per month. Another WUSA-led initiative is Pay-What-You-Can (PWYC) , a pilot program running from Sept. 15 to April 2026. Hot and packaged meals are made fresh daily at The Bomber kitchen and will be available on all weekdays (while supplies last). Visit the PWYC program page for further details. If you have access to food but are experiencing a housing emergency, support does exist. 

Contact WCRI and UWaterloo Residences to secure a space for emergency housing requests: 

WCRI: info@wcri.coop

UWaterloo Residences: housing@uwaterloo.ca

You can find more housing support and tools by visiting their Help at Waterloo support page

If you’re looking to score some sweet student discounts on all things food, entertainment, and even transit, visit the WUSA Membership Deals page for the latest student deals.