HALIFAX – The Saint Mary’s University campus in Halifax is mostly empty at this time of year, but it will soon be busy with students who will return for a new school year – balancing their demanding academic calendars with their finances. “It can be terrible and it is not fun,” said Sena Mortotsi, who will soon start his first year at Saint Mary’s after transferring from a university in Alberta. He is not hopeful the financial outlook will improve anytime soon. “I think that’s how it is going to be.” “Rent and food are the most expensive things I face,” added 19-year-old Saint Mary’s freshman student Fenton Munson. Trying to make ends meet can be overwhelming for students at a time when everything seems to be more expensive than ever, including tuition, textbooks, food and housing. The results of a new study from TD Bank showed 76 per cent of post-secondary students in Canada said financial stress was negatively impacting their well-being and academic performance. Twenty per cent said they were more stressed about money than school; 23 per cent don’t know how to build and maintain a budget, while 89 per cent said they wanted to learn more about investment strategies. “I think it’s the worst we have seen in quite a while,” said Saint Mary’s University Students’ Association (SMUSA) president Liza Zahid, who added there are steps being taken to help students, including offering free groceries for anyone who needs assistance. “SMUSA has a food room, and it is a community food room that also welcomes students to come in from Dalhousie and Mount Saint Vincent University.” Financial planner Darryl Smith said increased numbers of young people are now coming to see him, asking for advice about financial literacy and to learn basic steps on how to manage cashflow savings, as costs continue to rise. “It starts with a budget, and if kids are going out on their own at a young age, they have to create the budget,” said Smith. “Having that understanding is vital, but I don’t think many young people have it.” Zahid said she has seen students break down and cry as the financial pressures they are facing mount. “All of that is a lot of strain on their mental health, and then they have to worry about the five courses they’re taking,” she said. “Some students have to make the impossible choice of buying food, or buying textbooks, or paying tuition.” According to Zahid, both international and domestic students are experiencing high levels of financial stress. Undergraduate tuition costs in Canada have climbed higher than ever, with some universities now charging more than $10,000.
