With grocery prices rising and housing becoming increasingly unaffordable, many are struggling to make ends meet as they head back to school, and UW students are among those feeling the crunch. In fact, a recent CIBC poll found that close to half (48 per cent) of Canadian post-secondary school students are feeling unsure about their ability to cover all expenses.

Marcus Tunkl, a fourth year nanotechnology engineering student, shared his perspective on the poll and student affordability challenges. Asked about his experience funding his university education, Tunkl emphasized inadequate OSAP funding as a major stressor. He expressed, “OSAP not only gave nothing for actual living expenses, but also left me with a $1,200 bill to cover tuition.” To handle the financial burden, Tunkl wound up taking out a line-of-credit to cover the cost, although it came with a 48 per cent interest rate. For him, it took three years to fully pay off the $3,500 borrowed to pay tuition and he admits, without co-op income and working full-time during study terms, he would not have been able to make ends meet. “If you have no support from family or scholarships, you have to work yourself into the ground if you want to study (and pass),” Tunkl said.

Top costs that students face include housing costs, groceries, entertainment, and transportation. The CIBC poll 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. 

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. 

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.

After reviewing these stats, Tunkl admits he finds budgeting ideas such as buying cheaper brands, “staying in more,” and coupons, as being insignificant ways of trying to offset the high cost of rent. He agrees he could consider cutting fast food, drinks, and other non-essentials, but the offset amount would likely be around $200, which wouldn’t amount to much given his over $1,000 rent in Kitchener. Although not opposed to cutting out such expenses, he reminds us that being able to spend money on non-essentials is what makes us human, adding, “God forbid you want to live like a human being for once and grab a drink or a McChicken meal.”

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. 29 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.