You might be familiar with the jarring feeling of checking your bank account balance after a night out and finding yourself surprised by the number staring back at you on the screen. You might think, Did I really spend that much? Where did all the money go?
But a recent TD survey suggests that the phenomenon might be more pronounced amongst a certain demographic: students.
According to the survey results, social spending is the number one cause of financial stress (31%) facing students today, meaning those last-minute concert tickets or clothing hauls might be causing more worries than fun.
While social spending is nothing new, said Joe Moghaizel, VP of Everyday Advice Journey at TD, the pressure might be heightened for today’s students due to the prevalence of social media. After all, social media shows an endless highlight reel of other people’s experiences, which can lead to skewed ideas about what constitutes normal spending.
The survey, which collected data from more than 3,000 Canadians, also found that widespread financial anxiety permeates the minds of students, with more than nine out of 10 student respondents reporting they have experienced financial stress in the past three months.
“The proportion of student respondents who indicated they are stressed about their finances was 92%, which is significant when the general population respondents said they are only experiencing it 65% of the time,” Moghaizel said.
Students feel financial stress
On top of social spending, there are myriad reasons why young people might be feeling the pinch.
“Students may be dealing with a heightened amount of pressure that their parents did not have to deal with,” Moghaizel said.
Number one, unemployment rates amongst students are high according to Statistics Canada.
Moghaizel said high costs of living could be another factor impacting students, with inflation impacting the prices of groceries and other necessities across Canada. The cost of tuition at colleges and universities can also mean recent graduates enter the workforce with debt.
While the numbers presented by the survey seem to paint a sombre picture, Moghaizel urges students to remain optimistic about the future.
“The good news is that income stability can improve in adulthood. For many, there is every reason to believe it will improve from here in terms of job opportunities, income, and savings,” he said.
Ways to manage student finances
There are ways for students to avoid future sticker shock when it comes to their bank accounts. The best place to start is to get a clear idea of what their financial picture looks like, Moghaizel said.
“For many, it’s sitting down and writing out what your monthly income is and what your expenses are,” Moghaizel said.
You can do it on a piece of paper, in a spreadsheet, or TD clients can use the TD MySpend app, which offers handy visualizations to track how much they're spending.
Once you know what your expenses are, they can be sorted into two categories: needs and wants. Your phone bill counts as a need. But those round-trip tickets to Greece? That’s probably a want.
Even just knowing where you stand in terms of income vs. expenses can help reduce financial anxiety, Moghaizel said. Once you’ve figured out what your priorities are, it might be easier to say “no thanks” to that eleventh-hour brunch invite.
Only two in 10 surveyed students said they are actively planning for their financial future. Moghaizel said that saving money doesn’t have to be daunting, and that starting sooner than later is ideal.
“Think of it as paying yourself first,” he said, adding that every little bit counts.
“It could just be setting aside $5, $10 or $20 whenever you can. It might seem small at first, but with it compounding over time, it could become quite a significant amount of money.”
The power of financial literacy
Half of all students who responded to the survey said they wished they knew more about budgeting and financial planning when starting their post-secondary studies.
Moghaizel said banks like TD have a role to play in helping students improve their financial literacy and manage their financial futures, especially at critical milestones like becoming a post-secondary student or graduating from school.
“TD is focused on providing our clients with advice that can help them achieve their goals,” Moghaizel said. “You can take action and start building towards your vision of the future.”
About the TD Survey
This survey was undertaken by The Harris Poll Canada from August 14 to August 18, 2025, with a sample of 197 current or incoming post-secondary students (ages 18–28) and 260 parents of post-secondary students, within a nationally representative base of 3,036 Canadians. For comparison purposes, a probability sample of this size has an estimated margin of error of 6.98%, 19 times out of 20.