While social spending is topping the list of money worries, many students are feeling squeezed by the cost of tuition, housing and groceries, and their parents underestimate the stress they feel

TORONTO , Aug. 26, 2025 /CNW/ - With back-to-school around the corner, a new TD survey shows the overwhelming majority of Canadian post-secondary students (92%) are stressed about money, significantly higher than the national average (65%). Topping the list of financial concerns is social spending – and the cost of newfound financial freedom. Nearly one in three students (31%) say their biggest money stressor comes from things like eating out, concerts, travel or just trying to keep up with friends, compared to only 10% of Canadians polled who feel the same. One quarter of students are worried about the costs of tuition (26%), while a fifth are worried about the costs of housing (22%) and of groceries (21%).

"Heading back to school should be an exciting time for students; a chance to explore new ideas, build friendships, and confidently shape their own path. But for many, financial stress can overshadow those opportunities," said Joe Moghaizel, Vice President, Everyday Advice Journey, TD. "At TD, we're committed to helping students and their families across Canada feel confident about their financial future. Whether it's budgeting for groceries, managing tuition, or saving for social experiences, we offer tools, advice, and resources designed to support their journey toward financial independence."

The Receipts Don't Lie

• Only one in 10 (11%) students say they're financially stable
• Just 64% feel knowledgeable about budgeting, compared with 84% of the general population
• Even though most already have a credit card, more than a third (37%) admit they don't understand how credit scores work and more than three-quarters (83%) of students haven't looked up their own credit score

Generational Divide
Students say one thing, but parents assume another. While 92% of students admit they're stressed about money, only 75% of parents think their children are under financial strain. As for credit cards, 8 in 10 students have one (61% in their own name), but only 6 in 10 parents surveyed think that's true – and just 35% realize it's in their child's name.

And when looking ahead, students are bracing for the job market (31% vs. 11% gen pop) and student debt (25% vs. 4% gen pop), while parents surveyed think the bigger issue is the cost of living (54%) and housing affordability (57%).

Advice to Help Student Life
TD offers a number of tools and resources to help students and parents with budgeting and financial planning for post-secondary education:

• Student banking packages which include a no monthly fee chequing account
• TD Student Budget Calculator is designed to help students manage their finances more effectively by inputting various sources of income and expenses, such as part-time job earnings, financial aid, tuition, textbooks, and other living costs to see where money is going and where spending may need to be adjusted.
• TD MySpend app allows TD account holders and credit card holders to help control their savings and spending by tracking daily and monthly cash flow, creating a wish list of savings goals and getting insights to help make these goals a reality.
• The TD Student Advice Hub can help students navigate their financial journey while in school and beyond through a variety of financial literacy advice.

Learn more about how TD can help support students to navigate key financial decisions: https://www.td.com/ca/en/personal-banking/solutions/student-banking

About the TD Survey
This survey was undertaken by The Harris Poll Canada from August 14 to August 18, 2025, with a sample of 197 current or incoming post-secondary students (ages 18–28) and 260 parents of post-secondary students, within a nationally representative base of 3,036 Canadians. For comparison purposes, a probability sample of this size has an estimated margin of error of 6.98%, 19 times out of 20.

About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group ("TD" or the "Bank"). TD is the sixth largest bank in North America by assets and serves over 27.9 million customers in four key businesses operating in financial centres around the globe: Canadian Personal and Commercial Banking, including TD Canada Trust and TD Auto Finance Canada; U.S. Retail, including TD Bank, America's Most Convenient Bank®, TD Auto Finance U.S., and TD Wealth (U.S.); Wealth Management and Insurance, including TD Wealth (Canada), TD Direct Investing, and TD Insurance; and Wholesale Banking, including TD Securities and TD Cowen. TD also ranks among the world's leading online financial services firms, with more than 18 million active online and mobile customers. TD had $2.1 trillion in assets on April 30, 2025. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto Stock Exchange and New York Stock Exchange.

SOURCE TD Bank Group