Student finances dictated by economy more than spending habits
Photo Illustration by Rebecca Potter
We are taught that financial decisions are the responsibility of solely the individual, but many students lose control over their finances due to post-secondary education.
A Bank of Montreal student survey earlier this year revealed the average Canadian university student will graduate with $26,000 in debt. Many critics believe lack of restraint from unnecessary purchases contributes to this figure.
On the contrary, Joseph N. Cohen, an assistant professor of sociology at Queens College, found that spending on luxuries has gone down in the past 20 years. Spending on clothes fell by 28 per cent, alcohol by 12 per cent, and tobacco by 25 per cent. His study also found that education costs have gone up 60 per cent in the same time frame.
Cutting out Starbucks or drinks at the bar will do little to ease financial stress so long as the necessities remain expensive.
Students are also blamed for the lack of job prospects in the Canadian economy. If you are studying in a field and you can’t find a job, then it is your fault for not choosing a field that isn’t more in demand. We’re told to forget about studying something we love when we could be pursuing more lucrative careers.
In an interview with the Canadian Press, Jessica McCormick, chairperson for the Canadian Federation of Students (CFS), argued for the diversity of study in Canadian universities.
“If students were all studying in a particular field, that would obviously saturate those fields of study and return on investment would decline because there would be more competition for jobs,” she said.
McCormick cited the lack of flexibility in areas of study as a major problem. Students need an education system that allows them “to shift between fields while they’re in study, to train or retrain as market demands change.” However, this has become more difficult to do with exorbitant tuition costs and rigid programs that offer few electives.
Students are often criticized for choosing to leave home and pay more to attend school in another city. However, your ideal school might not necessarily be in your hometown.
Take for example the University of Ottawa, which is the largest English-French bilingual school in the world. There are no opportunities in Western Canada to advance your proficiency in the French language like in Ottawa. Also, consider those who come from small towns or rural communities and are forced to live in residence.
Because of limited financial prospects, students often have to work throughout the year. The need to work limits a student’s opportunity because they can’t afford to participate in unpaid internships. These types of experiences are essential to finding work after graduation. Although some groups, especially of the older generations, take pleasure in blaming students for their financial woes, they should remember that these students face unprecedented financial difficulties.
It’s time we blame our country’s lack of support for post-secondary funding,and spend less time worrying about what brand of coffee students are drinking.
