Financial Struggles Among College Students Nationwide

As college and university students across the country gear up for a new academic year, many are bracing for financial hardships. A recent survey conducted by TD Bank indicates that about 45% of postsecondary students cannot meet their basic needs, such as food and housing. This issue resonates with parents who may already be aware of their children's financial struggles. According to the survey, while 94% of students rely on their parents for financial support, a significant number of these students express feelings of inadequacy compared to their peers. Notably, 65% of the students report being financially unstable, and 61% wish they had better knowledge of personal budgeting and finances. The data also reveals that while 64% of students attempt to adhere to a budget, only 41% can consistently follow one. Parents are increasingly concerned that high school graduates are lacking vital financial education, contributing to the struggles many face once they enter postsecondary education. The findings of this survey highlight the urgent need for improved financial literacy among young adults, as continuing to overlook these educational gaps may perpetuate a cycle of financial dependency and insecurity. As a result, it is crucial for institutions to incorporate personal finance education into their curricula to better prepare students for the financial realities of university life.