COVID-19: students are more worried about their finances

COVID-19: les étudiants plus inquiets pour leurs finances

The secondary students seem to have more financial concerns than other adults, according to a survey by CIBC released Monday morning.

Approximately 87% of secondary students live at least a financial issue, such as pay their tuition fees or living expenses during the next quarter.

Among college students, “68% of respondents indicated that their income would be affected by the pandemic, compared to 36% of canadian adults,” said CIBC by press release.

Approximately 35% of the students who go to college or university, mention that they do not have an internship or summer job this year, while the third claims to have lost income due to a reduction of their hours of work.

Therefore, more than half (51%) of post-secondary students surveyed are afraid of not being able to attend their school. Approximately 73% of respondents are concerned by the impact of the COVID-19 on their finances in the present, while 73% are long-term.

“The consequences of the COVID-19 have significantly affected the chances of the students to keep their summer jobs or find a new job. This group is going through a very difficult period because a large part of student life is to plan for the future,” said Jamie Golombek, managing director in tax and estate planning at CIBC.

The federal government has however established a program to help the students during the pandemic. Delivery canadian emergency for students offers 1250$ per four-week period for those who are not eligible for the Benefit of canadian emergency, or employment insurance.

This poll from CIBC conducted online by Maru/Blue, was carried out from 22 to 27 may at 1053 canadian post-secondary students.

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