Advisors can help students – often their clients’ children – develop budgets and avoid significant debt
A Maru Public Opinion survey conducted on behalf of Toronto-Dominion Bank released in late August found that 65 per cent of students defined themselves as financially unstable, with almost half unable to cover basic needs such as food and housing.
.“I would encourage all students to do some research and speak to their financial aid offices about what’s available to them. Bursaries are pretty esoteric, so investigate every possible thing that could be available to you,” Mr. Hoyes says. The lump-sum nature of student income also makes budgeting more important, says Robin Taub, a chartered professional accountant in Toronto and author ofStudents should make a habit of using mobile banking applications to keep track of their money and what they spend, she says. “It gives them a visual sense of loss,” she adds, which can help curb excess discretionary spending.
For students unable to make ends meet, Mr. Dhanji says personal loans, co-signed by a parent, could help cover expenses and avoid the high interest rates that credit cards carry. For example, students who leave home to study may be eligible for tax credits on their relocation expenses if they move more than 40 kilometres, Ms. Taub says.
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