While most Canadian students are working this summer, the majority won’t make enough money to pay their college or university costs.

In fact, 73% of university students will need to work during the school year to support their education expenses, finds a CIBC poll.

Read: Parents in the dark when it comes to kids’ spending

“The reality is that many students rely on their summer earnings to help pay for their college and university education,” says Christina Kramer, executive vice president, Retail and Business Banking, CIBC. “Given the cost of post-secondary education, as well as all the other expenses students have, they will need to watch their spending carefully so they can stretch those summer dollars as far as possible.”

Additional findings include:

  • 65% of college or university students currently have a paying summer job, while 20% have been looking, but unable to find one;
  • 53% who are working this summer expect to earn between $1,001 and $5,000, with 26% expecting to earn between $5,001 and $10,000;
  • The top item that students who are working this summer will be spending their earnings on is school, with 31% on average earmarked for tuition or school expenses;
  • 45% are making $11 per hour or less; and
  • 60% are working part-time hours.

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