More and more post-secondary students are staying home with their parents while they complete their education compared to the previous decade, according to a new poll by RBC.
“Inflation is straining the finances of post-secondary students, significantly driving up the number who will now be relying on their parents for a place to live and the funds to complete their schooling,” RBC said about its results.
RBC surveyed 1,000 people aged 18-29 using an online Ipsos poll, from June 29 to July 12.
The survey found that 47%, nearly half of the respondents, said they would be living in their parents homes during the school year.
That number is up 36% when compared to 2013.
The number of post-secondary students who are relying on their parents for financial support has also risen to about 43%, whereas in 2013 that number was only around 29%.
The RBC report said that it expects around 45% of students will graduate from their post-secondary institutions with as much as $20,000 in debt. Again, a big jump from a decade ago when that number was 30%.
Students aren’t just relying on their parents for financial aid but also acquiring help to develop their financial goals, according to Jason Storsley, who works for the RBC youth and young adult team.
RBC said that a margin of error cannot be assigned to the poll because online surveys are not regarded as valid random samples.