Being a student has always been expensive, but in today’s economy? It feels nearly impossible. Tuition alone averages around $8,000 a year for undergrads in Canada, and that doesn’t include books, housing, transportation, or food. When you add it all up, most students are spending anywhere between $15,000–$25,000 a year to simply exist in university. And the reality is, most aren’t making anywhere near that.

The average student job pays around minimum wage — $17.85 an hour in BC, a little less in other provinces — and even if you’re working 20 hours a week during the school year, that’s only $1,300 a month before tax. Rent in most student-heavy cities? About the same for a single room, or even more. Add groceries, phone bills, and transit, and there’s nothing left over. For many, that means debt is inevitable. Government loans, lines of credit, or help from parents are the only ways to fill the gap.

And this? It doesn’t just create financial stress — it creates emotional weight. Students aren’t only juggling lectures, essays, and exams; they’re juggling shifts at work, maxed-out credit cards, and the gnawing anxiety of whether they’ll make it through the month. Skipping meals, cutting down on social activities, and sacrificing sleep become coping mechanisms. The guilt of asking family for help, or swiping a credit card “just this once” when you’re already behind, can feel crushing.

But despite all this, students are resilient. They’ve found ways to stretch a dollar — from cooking in bulk with roommates, to thrifting everything from clothes to furniture, to joining campus food banks (which are now busier than ever). Carpooling, textbook sharing, and side hustles like tutoring or freelance work have become survival strategies. And while it’s not easy, it shows just how resourceful this generation is.

Still, resilience shouldn’t be mistaken for sustainability. When you’re living on the edge, mental health can take a serious hit. Anxiety, burnout, and depression are all on the rise among young people, with finances being one of the top reported stressors. Therapy or counseling, for most, is out of reach financially. But small, low-cost practices like exercising, journaling, or connecting with nature can provide moments of relief in an otherwise overwhelming cycle.

At Skyward, we know that financial stress is one of the biggest barriers to student wellbeing. That’s why we provide free financial education to help young Canadians make sense of money — from budgeting basics to long-term planning. If you’re a student looking for 1:1 guidance, book a session at www.skywardfinancial.org. We’re here to help you get through it.

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