Majority of post-secondary students turn to ‘Bank of Mom and Dad’
If past practice is any indication, the majority of post-secondary school students will likely run out of money before the school year ends — and end up turning to the “Bank of Mom and Dad” for help.
A new poll from CIBC has found that 51 per cent of post-secondary students tapped their parents for additional financial support last year because they ran out of money.
Regina-based financial blogger Tim Stobbs is not surprised by the numbers.
“Even my budgeting skills weren’t that good when I left high school and started university.”
He said a lot of young adults will overspend their budgets because this is typically their first crack at finances in the real world.
Today the 37-year-old father of two is on track to retire in three years. The engineer’s motto is “Don’t spend money on things you don’t care about.” That’s helped him pay off his mortgage and put away 65 per cent of his income.