Valley First

Helping Students Save

Our experts weigh in on how summer jobs are helping students save

Every summer, Canadian students are left with little time to relax as they balance how to find a seasonal job, save money and prepare their personal finances for another school year.

According to a recent survey, 58 per cent of Canadian students aged between 16 and 24 are currently in some form of paid employment. Often in seasonal or part-time positions, many put their pay cheques toward everyday expenses and social activities. However, three-quarters of working students are also saving a portion of their earnings.

“It can be very difficult for young people to get ahead,” says Dominik Dlouhy, an investment specialist with Valley First. “Having a part-time job as a student is great way to earn a little cash, develop some independence and learn about money management.”

Of those students who are setting money aside, almost eight out of 10 are saving for tuition. Dlouhy says this is an intelligent option.

“With the cost of tuition steadily increasing over the last decade, it has become increasingly important for those who don’t want to be saddled with a large student loan to save for their education,” he says. “For many, this means summer is the prime time for working and putting a little aside to cover a portion of next year’s school fees.”

While many students work through the summer months and try to establish some form of financial independence, there are still many areas in which they rely on their parents for help.

“I’m sure the moms and dads across the country would love for their kids to be financial independent, but the reality is they often need a little help,” says Orchard Plaza branch manager Viki May. “For example, 40 per cent of parents pay their students cell phone bills. The more young people can learn—and the earlier they learn—about the real cost of living, the better prepared they will be for life on their own.”

Cited statistics from the StudentAwardsInc.com survey focused on student spending, saving and brand affiliation survey.

 

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