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Students experiencing income disruption at double the rate of adults amid COVID-19: poll

Income disrupted for over two-thirds of Canadian students with half worried about being able to attend post-secondary school this fall

July 6, 2020  by CM Staff

Students experiencing income disruption at double the rate of adults due to COVID-19: CIBC poll. PHOTO: CIBC

TORONTO — A new CIBC poll has revealed that 87% 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% of those polled indicate their income would be impacted by the pandemic, compared to 36% of adult Canadians.

With the economic disruption from COVID-19, 35% of post-secondary students said they no longer have a job placement or summer job this year, and 33% have lost income due to a reduction of work hours. As a result:

  • 51% worry about being unable to attend school next year
  • 73% worry about the impact of COVID-19 on their current finances and
  • 70% worry about their long-term financial situation

“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,” said 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, in a statement. “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.”

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