Over half of Canadian students may need financial help from their parents to get through the school year

Financial independence 101

Getting into the nitty gritty of the study, only 10% of respondents grade themselves an "A" on financial independence. The highest proportion (32%) of students give themselves a "C" grade, and only 6% assign themselves an "F."

Despite this low opinion of their fiscal responsibilities, many indicated they have smart financial behaviours and practices such as:

• Knowing and understanding credit scores (80%)
• Tracking their spending (78%)
• Understanding credit card interest (76%)

A majority – 60% – feel their financial education has prepared them well for adulthood. For Simplii, the results imply that Canada's post-secondary students are, on balance, receiving adequate financial education and training. However, a reliance on loved ones for financial support may be driven in large part by issues with the job market for post-secondary students.

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The post-secondary job market

With respect to career opportunity post-gaduation, more than half of student respondents (57%) expect it to be challenging to find employment, co-ops or internships next summer, and a majority (55%) think it will be difficult to secure part-time employment during the school year to help offset their expenses.

Additionally, almost half (45%) feel that their earnings from their summer employment won't cover the cost of living during the school year.

Some of Simplii’s tips for dealing with the cost of living include maximizing student discounts, leveraging cashback offers and focusing on networking.

Cashback credit cards to look into

For students, having a credit card that offers cashback is a great way to make the most of those hefty textbook hauls or monthly transit fees. Cash back is one of the most attractive credit rewards options because you can spend it however you choose. However, make sure you choose a card that best suits your lifestyle and spending habits and that won't lure you into spending more than you should, just to chase after rewards.

Never buy what you don’t need. Track your spending for a month, and then pick a card that matches what you already spend. Always make sure you pay off your balance each month.

Here are some great options available to Canadian students right now:

Best no annual fee cash back credit card: Tangerine Money-Back Credit Card Best no annual fee card for groceries: BMO CashBack MasterCard Best RBC student credit card: RBC Cash Back Mastercard Best CIBC student credit card: CIBC Dividend Visa Card for Students Best American Express credit card for students: SimplyCash Card from American Express Best credit card for foreign students in Canada: Koho Mastercard

Try a personal loan

Personal loans have been around for a while, but online fintech lenders have reinvigorated this form of financing. Whether you need funds for a car, dental work or need help with cumbersome post-secondary fees, a personal loan can be a godsend.

Much is said about how fintech is outpacing traditional banks and credit unions in the loan market — case in point, Spring Financial. The company brings the loan application process into the 21st century, by offering speedy approvals and the chance to get your hands on much-needed funds as quickly as the same or the next day, without stepping a foot outside your door. It is a great option for those with a shoddy credit history or otherwise may have a tougher time receiving a loan from a bank, especially since it offers various products and credit building opportunities. Check out Spring Financial If you're looking for an unsecured loan and want to help finance your academic journey.

Survey methodology

These are some of the findings of an Ipsos poll conducted between July 26 and 30, on behalf of Simplii Financial. For this survey, a sample of 400 Canadian post-secondary students aged 18+ were interviewed online. Sample was sourced from the Ipsos panel. Data was weighted by Canadian region, in accordance with Census proportions. The precision of Ipsos online polls is measured using a credibility interval. In this case, the poll is accurate to within ±6.0 percentage points, 19 times out of 20, had all Canadian post-secondary students been polled. The credibility interval will be wider among subsets of the population.