College has always been something that teens look forward to after high school, but in recent years, teens have been opting away from going to college because of skyrocketing tuitions and student loans. Most students prefer to dive right into the workforce, which raises the question. Is college really worth it?
COST
We first have to acknowledge our current cost of living. Currently, most people are just struggling to get by. Things like gas prices, food inflation, and housing costs are causing severe financial stress for a large portion of our population. Our current financial situation has caused more of a strain on low to middle-class families whose take-home pay is swallowed by rent and groceries.
People who live in apartments are struggling to find new places to stay because of the insane rental prices, leaving them stuck in their current situation.
Those who are single or without roommates are finding it increasingly difficult to support their families while relying on one income.
LEARING TO SURVIVE
To make ends meet people have started trying to acquire roommates to reduce the pressure of rent and bills. Living alone has now become a luxury. Rather than moving out after college, students choose to stay in their parents’ house for longer periods of time because it is so expensive right now.
People in larger cities have also begun fleeing to smaller, more rural areas because of the lower cost of living in those cities. This has resulted in a boom in population in cities such as Cornwall, St. Thomas, and Carlton Place.
Relying on a 9-5 isn’t enough anymore, people are now taking up side hustles, second jobs and gig work. These are used to cover basic bills.
HOW DOES IT AFFECT TEENS
College campus dorms are full, and nearby off-campus dorms are at a record high price. Many students can pay tuition but are struggling with the cost of rent and groceries.
Inflation is squeezing middle-class parents who want to help their kids and plan to contribute to pay for their college expenses, but can no longer afford to contribute as much, leaving most of the debt and burden to the kids.
Data from the Mental Health Research Canada (MHRC) shows that over 80% of Canadian youth are overwhelmed by stress and anxiety about their future, with 70% citing the cost of living as the ultimate barrier to achieving their life goals.
The fun college life is gone, and students are now struggling more than ever, and it’s our job to help.
HOW TO HELP
- Discuss realistic expectations for college with parents much earlier.
- Build budget plans together
- Help your kid now that financial struggle is caused by a broken economic system, not a personal failure.
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